Thursday, 4:30 PM
Federal disaster declaration makes low-interest loans available in Danvers
By Kathy McCabe, Globe Staff, and Andrew Ryan, Globe Correspondent
Homeowners in Danvers affected by last week's massive industrial explosion will be eligible for loans of up to $200,000 with interest rates as low as 3 percent now that the blast site has officially been declared a federal disaster area.
Renters will be eligible to borrow $40,000, and business owners can receive subsidized loans up to $1.5 million at similar low interest rates, according to Town Manager Wayne P. Marquis.
In the last official town briefing, Marquis urged residents and businesses owners today to apply for the subsidized even if they have not yet spoken to insurance adjusters. The federal government officially declared the area a disaster zone late Wednesday.
The challenges presented by the blast are issues that town officials have never before faced. "We're learning as we go," Marquis said.
The explosion on Nov. 22 damaged some 70 homes and businesses and reverberated as far away as New Hampshire. There were no deaths or major injuries related to the blast that destroyed the building shared by CAI Inc. , an ink manufacturer, and Arnel Co. Inc. , a maker of industrial paints.
Marquis also said today that there are five homes on Bates Street and four properties on Water Street that may need to be torn down. Officials are asking the owners of those properties to come to Town Hall on Friday at 11 a.m. to discuss possible demolition.
The federal disaster declaration has allowed the US Small Business Administration to offer the low-interest loans. The SBA has set up an office in Town Hall to assist renters, homeowners, and businesses.
The site has been turned over to the Environmental Protection Agency for cleanup. Fire officials ruled on Wednesday that the blast was not a deliberate act, although investigators have not yet been able to pinpoint a cause.
Officials from the US Chemical Safety Board also remain on scene investigating.
The site has been turned over to the Environmental Protection Agency for cleanup. Fire officials ruled on Wednesday that the blast was not a deliberate act, although investigators have not yet been able to pinpoint a cause.
Officials from the US Chemical Safety Board also remain on scene investigating.
