Flood victims in Fairfield County gain access to SBA recovery loans
Gov. Ned Lamont announced the U.S. Small Business Administration approved a disaster declaration covering Fairfield County and the contiguous counties of New Haven and Litchfield following the Sept. 13 flooding event.
Homeowners, renters, businesses and nonprofits impacted by last month's flash flooding in Fairfield County and parts of western Connecticut can now apply for low-interest federal disaster loans.
Gov. Ned Lamont announced the U.S. Small Business Administration approved a disaster declaration covering Fairfield County and the contiguous counties of New Haven and Litchfield following the Sept. 13 flooding event.
The declaration makes low-interest loans available to help residents and organizations recover from storm damage. Homeowners may borrow up to $500,000 to repair a primary residence, while homeowners and renters may qualify for up to $100,000 to replace damaged personal property.
Businesses may be eligible for loans of up to $2 million to repair or replace damaged property and equipment. Businesses and nonprofits can also apply for Economic Injury Disaster Loans of up to $2 million for working capital needs.
State officials said the declaration was approved after joint damage assessments determined losses exceeded federal thresholds.
A temporary SBA Disaster Loan Outreach Center will open Oct. 7 at the Margaret E. Morton Government Center in Bridgeport to assist applicants. Applications can also be submitted online through the SBA's lending portal.
