Washington, D.C. – U.S. Senators Charles. E Schumer and Kirsten Gillibrand today announced that New York residents and businesses affected by heavy rain and flooding on September 18th can now apply for low-interest disaster loans from the U.S. Small Business Administration.
The declaration covers Sullivan, Delaware, Orange and Ulster Counties.
“This decision means that communities in Sullivan, Delaware, Orange and Ulster can finally get access to the disaster loans that they desperately need,” said Schumer. “After being repeatedly hit with heavy rains and flooding, cleaning-up the damage done in these counties is beyond the capacity of the local governments, and this access to additional aid will help families and businesses in the region get back on their feet.”
“Hudson Valley families and businesses that weathered this storm and the flooding it left behind should not have to bear the burden of cleanup costs on their own,” said Senator Gillibrand. “These loans can go a long way in helping these families and businesses get back on their feet, and begin to recover.”
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. SBA’s customer service representatives are on hand at the Disaster Loan Outreach Center to answer questions about the disaster loan program, explain the process, issue and help individuals complete their applications.
The center is located in the following community and is open as indicated:
Town of Rockland Town Hall
95 Main Street
Livingston Manor, New York 12758
Opening: Friday, Oct. 12
Hours: 9 a.m. until 4 p.m., Friday, Oct.12 through Thursday, Oct. 18
10 a.m. until 2 p.m., Saturday, Oct. 13
Closed: Sunday, Oct. 14
Closing: Thursday, Oct. 18 at close of business
Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 1.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 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.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Individuals and businesses unable to visit the Center 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 sending an email to email@example.com. Loan applications can also be downloaded from the SBA’s website at www.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 return applications for physical property damage is December 10, 2012. The deadline to return economic injury applications is July 10, 2013.