SBA Offers Disaster Assistance to Residents of New York Affected by Severe Winter Storms in Erie County

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Dec 17, 2014, 04:56 ET

WASHINGTON, Dec. 17, 2014 /PRNewswire-USNewswire/ -- New York businesses and residents affected by severe winter storms on Nov. 19-26, 2014, can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Maria Contreras-Sweet announced today.

Administrator Contreras-Sweet made the loans available in response to a letter from Gov. Andrew M. Cuomo on Dec. 11, requesting a disaster declaration by the SBA. The declaration covers Erie County and the adjacent counties of Cattaraugus, Chautauqua, Genesee, Niagara, and Wyoming in New York.

"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 Administrator Contreras-Sweet. "Getting businesses and communities up and running after a disaster is our highest priority at SBA."

"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.

"Businesses of any size and non-profit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets," said SBA's Buffalo, New York District Director Franklin Sciortino.

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.

For small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations, 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 4 percent for businesses, 2.625 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 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 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing [email protected]. 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 February 13, 2015. The deadline to return economic injury applications is September 15, 2015.

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.

Contact: Michael Lampton
Email: [email protected]
Phone: (404) 331-0333

Release Number: 15-104 NY 14199/14200

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SOURCE U.S. Small Business Administration