Over the past week, the Bay Water and Villas condominium association has been working diligently in preparing an application for an SBA Business Physical Disaster Loan which has been made available to non-profit organizations such as our associations. The purpose of this loan is to cover uncompensated or uninsured disaster related losses.
We will be submitting our complete package to the SBA tomorrow and anticipate that this review and approval process could take 4 to 8 weeks. Each association has applied for a 2,000,000 dollar loan. However, this amount is not guaranteed and is subject to reduction based on the SBA review. As we receive updates on our application process we will communicate it via the blog to all owners.
We would also like to take this time to thank the homeowners who helped assist the board of directors with this process.
