Low-interest small business loans available to residents, businesses affected by July 2017 flooding

ALBANY, N.Y. (WIVB) – Residents and businesses affected by July 2017 flash flooding are eligible to apply for low-interest disaster loans from the U.S. Small Business Administration.

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, and Wayne suffered from severe storms and flash flooding from July 1 to July 25, overwhelming roadways, homes, and businesses.

Following the flooding, staff from the SBA, the New York State Division of Homeland Security and Emergency Services, and leadership from the declared counties conducted a thorough assessment of the damages related to the flooding. The assessment confirmed that there was major damage in these four counties to 65 homes, 38 businesses, and two nonprofits totaling $3,496,400 in damages. Minor damage occurred to 176 homes, 18 businesses, and four non-profits totaling $1,851,000 in damages.

The following groups may be eligible for help from SBA loans for the following:

 

  • Homeowners: up to $200,000 to repair or replace damaged or destroyed real estate
  • Homeowners and renters: up to $40,000 to repair or replace damaged or destroyed personal property
  • Business owners: up to $2 million for the replacement of real estate, inventories, machinery, equipment, and other physical losses
  • Businesses and non-profits: Economic Injury Disaster Loans of up to $2 million to provide necessary working capital until normal operations resume after a disaster

Interest rates can be as low as 1.938 percent for homeowners and renters, 2.5 percent for non-profit organizations and 3.215 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Individuals and businesses may apply online using the Electronic Loan Application via SBA’s secure website at https://disasterloan.sba.gov/ela.

Individuals and businesses may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 or 1-800-877-8339 for the deaf and hard-of-hearing, or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov/disaster. 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 return applications for physical property damage is April 16, 2018. The deadline to return economic injury applications is November 13, 2018.

 

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