BUFFALO, N.Y. (WIVB) — The Federal Small Business Administration (SBA) approved disaster designations for six counties in WNY due to losses and damages from November’s deadly storm.
The announcement from a coalition of lawmakers Tuesday means important low-interest disaster loans are available to small business owners in Erie, Cattaraugus, Niagara, Chautauqua, Wyoming and Genesee counties.
Damage in the six counties rose above a specific threshold, and that allowed the disaster declaration to be announced. Lawmakers said they’re in support of this aid, and they’re looking for more.
Congressman Brian Higgins said loans through the SBA are vital for recovering businesses.
“Providing relief for the communities impacted by the devastating storms is the fair thing to do to care for our constituents,” Congressman Tom Reed said. “This assistance will help get residents and businesses in the area back on their feet quickly so we can move forward.”
The SBA will be able to offer loans up to $40,000 to renters and homeowners to repair or replace personal property, and up to $200,000 to homeowners to repair or replace damaged homes. But the largest loan cap goes to business owners, who can borrow up to $2 million to repair damaged businesses or meet financial obligations which were foregone because of the storm.
Loans application deadlines for home and business physical damages are Feb. 13, 2015, and the economic injury (the largest loan of $2 million) loan application is due Sept. 15, 2015.