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SBA Offers Disaster Assistance For Aug. Flood Victims

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The U.S. Small Business Administration is offering low-interest disaster loans to assist businesses and residents affected by the heavy rain and flooding on August 13-14, 2018.

SBA Administrator Linda McMahon announced the disaster assistance Wednesday in response to a Governor Cuomo's letter requesting a disaster declaration by the SBA on October 2. 

According to the SBA., homeowners can apply for loans up to $200,000 to repair or replace damaged real estate. In addition, homeowners and renters are eligible for loans up to $40,000 for personal property damages. 

“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Syracuse New York District Director Bernard J. Paprocki.

The SBA is offering small businesses, agricultural cooperatives, businesses involved in aquaculture, and most non private nonprofit organizations Economic Injury Disaster Loans to help meet working capital needs caused by the disaster, regardless of whether it suffered any physical property damages. 

Applicants can submit an application at DisasterLoan.sba.gov.

For questions on the loan program or application, people can visit one of SBA’s Disaster Loan Outreach Centers.

Time and Location of the centers are below: 

Broome County 
Broome County Public Library
185 Court St.
Binghamton, NY 13901
Opens: Thursday, Oct. 11 at 11 a.m. – 6 p.m.
Friday, Oct. 12, 9 a.m. - 5 p.m.
Saturday, Oct. 13, 10 a.m. - 2 p.m.
Sunday,  Oct. 14, Closed
Monday–Tuesday, Oct. 15-16, 9 a.m. - 6 p.m.
Closing:  Wednesday, Oct. 17 at 9 a.m. – 4 p.m.
Seneca County
The Ovid Federated  Church
7137 North Main St.
Ovid, NY 14521
Opens: Thursday, Oct. 11 at 11 a.m. – 6 p.m.
Hours: Monday - Friday, 9 a.m. – 6 p.m.
Saturday, Oct. 13, 10 a.m. – 2 p.m.
Sunday,  Oct. 14, Closed
Closing: Thursday, Oct. 18 at 9 a.m. – 4 p.m.

Interest rates are as low as 3.675 percent for businesses, 2.5 percent for nonprofit organizations, and 2 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.

The filing deadline to return applications for physical property damage is Dec. 10, 2018.  The deadline to return economic injury applications is July 9, 2019.