The U.S. Small Business Administration has granted Gov. Andrew Cuomo’s request for a disaster declaration for Herkimer, Madison, Montgomery and Oneida counties after the severe storms and flooding that began in late June.
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. Businesses and nonprofit 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.
“From the time that these devastating storms ripped through the hardest hit communities in upstate, I said I would pursue every possible relief effort to help the affected citizens recover from the storms and flooding, building back stronger and more resilient than before,” said Cuomo. “I am pleased that the SBA has approved my request on behalf of these citizens and their communities and will make available low-interest loans that will help them rebuild their homes and businesses. This is another key component in the overall recovery effort. The state will continue to work with the affected communities to make sure every available resource is provided to help them recover and rebuild.”
“The SBA is committed to providing the people of New York with the most effective and customer-focused response possible to assist homeowners, renters and businesses with federal disaster loans,” said SBA Administrator Karen Mills. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
Interest rates are as low as 1.875 percent for homeowners and renters, 2.875 percent for nonprofit 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. Individuals and businesses may apply online using the electronic loan application via the SBA’s secure website at https://disasterloan.sba.gov/ela.
SBA representatives will be available at disaster loan outreach centers to answer questions about the loan program and help individuals complete their applications.
The center at Herkimer County Office of Emergency Services, 71 Reservoir Rd., Herkimer, will open at 9 a.m. on Tuesday, Aug. 6, and will be open Monday through Friday from 9 a.m. to 6 p.m. and from 9 a.m. to 1 p.m. on Saturday. The center will be closed on Sunday, Aug. 11, and will close at the end of business on Tuesday, Aug. 13.
The centers at the Fort Plain Village Office, 168 Canal St., Fort Plain, city of Oneida Municipal Building, 109 N. Main St., Oneida, and the Whitesboro Fire Department, 171 Oriskany Blvd., Whitesboro, will follow the same schedule as the Herkimer center.
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.
Page 2 of 2 - For small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations of all sizes, the SBA offers economic injury disaster loans to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Individuals and businesses unable to visit one of the centers may obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 or by emailing firstname.lastname@example.org. Loan applications may also be downloaded at www.sba.gov/disaster. Completed applications should be returned to one of the centers 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 Oct. 1.
The deadline to return economic injury applications is May 2, 2014.