NY 15442 - SBA Offers Disaster Assistance to Residents of New York Affected by Severe Storms and Flooding

WASHINGTON – New York businesses and residents affected by severe storms and flooding from July 1 through July 24, 2017, can apply for low-interest disaster loans from the U.S. Small Business Administration, Administrator Linda McMahon announced today.
 
McMahon made the loans available in response to a letter from Gov. Andrew Cuomo on Feb. 5 requesting a disaster declaration by the SBA.  The declaration covers Cayuga, Oneida, Rensselaer and Wyoming counties and the contiguous counties of Albany, Allegany, Cattaraugus, Columbia, Cortland, Erie, Genesee, Greene, Herkimer, Lewis, Livingston, Madison, Onondaga, Oswego, Otsego, Saratoga, Seneca, Tompkins, Washington, Wayne in New York; Berkshire County in  Massachusetts, and Bennington County in Vermont.
 
“The SBA is strongly committed to providing the people of New York with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said McMahon.
 
SBA’s customer service representatives will be available at the Disaster Loan Outreach Centers to answer questions about the disaster loan program and help individuals complete their applications.
 
The Centers are located in the following communities and are open as indicated:
 
Cayuga County
Moravia Fire Station
Moravia, NY 13118
 
Opening:  Tuesday, Feb. 20; 11 a.m. – 3 p.m.
Days and Hours:  Monday – Friday, 9 a.m. – 5:30 p.m.; Saturday, Feb. 24, 10 a.m. – 2 p.m.
Closed:  Sunday, Feb. 25
Closing:  Tuesday, Feb. 27, 9 a.m. – 3:30 p.m.
 
Oneida County
Utica Union Station
Utica, NY 13501
 
Opening:  Tuesday, Feb. 20, 11 a.m. – 5:30 p.m.
Day and Hours:  Monday – Friday, 9 a.m. – 5:30 p.m.; Saturday, Feb. 24;10 a.m. – 2 p.m.
Closed:  Sunday, Feb. 25
Closing:  Tuesday, Feb. 27, 9 a.m. – 3:30 p.m.
 
Rensselaer County
Village Town Hall
Hoosick Falls, NY 12090
 
Opening:  Tuesday, Feb. 20, 11 a.m. – 5:30 p.m.
Day and Hours:  Monday – Friday, 9 a.m. – 5:30 p.m.; Saturday, Feb. 24;10 a.m. – 2 p.m.
Closed:  Sunday, Feb. 25
Closing:  Tuesday, Feb. 27, 9 a.m. – 3:30 p.m.
 
Wyoming County
Attica Village Office
Attica, NY 14011
 
Opening:  Tuesday, Feb. 20, 10 a.m. – 4:30 p.m.
Day and Hours:  Monday – Friday, 8 a.m. – 4:30 p.m.; Saturday, Feb. 24, 10 a.m. – 2 p.m.
Closed:  Sunday, Feb. 25
Closing:  Tuesday, Feb. 27, 8 a.m. – 2:30 p.m.
 
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s New York District Director Bernard J Paprocki.
 
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.  Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
 
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
 
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes.  Eligible mitigation improvements may include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
 
Interest rates are as low as 3.215 percent for businesses, 2.5 percent for nonprofit organizations, and 1.938 percent for homeowners and renters with terms up to 30 years.  Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
 
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at Disasterloan.sba.gov.
 
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at Disasterloan.sba.gov. Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
 
The filing deadline to submit applications for physical property damage is April 16, 2018.  The deadline for economic injury applications is Nov. 13, 2018.
Release Number: 
18-283
Release Date: 
Thursday, February 15, 2018 - 12:00am
Contact: 
Michael Lampton
Related State: 
New York
Field Operations Center: 
East