Malloy announces Small Business Administration loans will be available for Shelton fire victims

Gov. Dannel P. Malloy has announced that federal officials have approved his request for a Small Business Administration disaster declaration for owners of property destroyed in the January 6 fire on Howe Avenue in downtown Shelton. The governor has scheduled a news conference Saturday afternoon at 12:30 in the Echo Hose Hook & Ladder Co. 1 at 379 Coram Avenue in Shelton.


“l would like to thank the SBA for granting my request,” Malloy said in a statement Friday night. “I encourage all homeowners and businesses affected by this devastating fire to take advantage of these loans and apply as soon as possible to determine what assistance might be available to them.”

This from Malloy’s office:

“SBA’s Acting Administrator Jeanne Hulit made the loans available in response to a letter from Governor Malloy on Jan. 21, in which the Governor requested the federal agency issue the disaster declaration.  The declaration covers Fairfield County and the adjacent counties of Litchfield and New Haven.


“The January 6 fire was a tragedy, but—with this help from the SBA—Shelton will rebuild. The SBA immediately started working at the request of my office to evaluate the damage and this declaration is good news for the impacted residents and businesses,” said Congresswomen Rosa DeLauro (CT-3). “I will continue working to make sure everyone affected can get back on their feet.”


“The fire in Shelton earlier this month displaced families, forced local businesses to shutter their doors, and ravaged the downtown area,” said Congressman Jim Himes (CT-4). “While the community is still reeling from this alarming disaster, I am pleased that the SBA has approved this assistance to help local business owners cover their severe losses. I stand ready to continue providing the full support and assistance of my office as Shelton continues to recover.”


Early next week, SBA will open a Disaster Loan Outreach Center in Fairfield County to make SBA customer service representatives available to speak face-to-face with applicants, answer individual questions about the assistance, and help individuals complete their applications. A separate announcement will be made advising the public on the location of the Disaster Loan Outreach Center once a site is determined.
The SBA offers Economic Injury Disaster Loans (EIDLs) to help businesses overcome economic losses and meet working capital needs caused by the disaster. The rates on these loans are 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. The SBA determines eligibility for the loans based on the size and type of business and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. Eligible entities may qualify for loans up to $2 million.
Applications and program information are available by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing).