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FILING DEADLINE NEARS FOR HURRICANE BOB VICTIMS

 FILING DEADLINE NEARS FOR HURRICANE BOB VICTIMS
 BOSTON, May 4 /PRNewswire/ -- U.S. Small Business Administration


(SBA) Regional Administrator Susan M. Collins announced today that eligible small business owners from Massachusetts and Rhode Island interested in obtaining economic injury disaster loans (EIDL's) from the SBA have until May 29, 1992 to file their applications.
 "Although the filing deadline for physical losses has passed, individuals whose businesses incurred substantial economic injury as a result of Hurricane Bob still have time to submit an application," said Collins.
 Economic injury disaster loans are working capital loans intended to provide funds to small businesses which, because of the hurricane, are unable to pay bills, meet short term obligations, make payments on long term notes or pay day-to-day operating expenses.
 To date, 779 EIDL applications have been issued to victims of Hurricane Bob in Massachusetts and Rhode Island. One hundred twenty four applications have been completed and returned to the SBA for processing. Sixty loans have been approved totaling $1,652,600 in disaster loan funds for small business owners who suffered economic losses.
 Eligible EIDL applicants may qualify for disaster loans of up to $500,000. These loans are direct from the SBA, carry a 4 percent interest rate and are limited to those businesses that, based on SBA's analysis, cannot recover through use of their own credit and personal resources.
 Collins urged interested small business owners from Barnstable, Bristol, Dukes, Norfolk and Plymouth Counties in the Commonwealth of Massachusetts and Bristol, Kent, Newport, Providence and Washington Counties in the state of Rhode Island to apply for assistance as soon as possible.
 Information and loan application forms may be obtained by writing to the U.S. Small Business Administration., Disaster Area 1 Office, 360 Rainbow Boulevard South, 3rd floor, Niagara Falls, N.Y., 14303- 1192 or by calling toll-free 1-800-659-2955 during regular business hours.
 -0- 5/4/92
 /CONTACT: Catherine Thorn or Gretchen Fournier of the Small Business Administration, 716-282-4612/ CO: U.S. Small Business Association ST: Massachusetts; Rhode Island IN: SU:


TM -- NE025 -- 6137 05/04/92 14:43 EDT
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Publication:PR Newswire
Date:May 4, 1992
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