Disaster loan assistance available for homeowners, businesses affected by November storm
The U.S. Small Business Administration has announced it will open a Disaster Loan Outreach Center in Erie County on Wednesday in West Seneca to make it convenient for those affected by "Winter Storm Knife" to apply for disaster assistance.
Loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate, while 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 damage or destroyed real estate, machinery and equipment, inventory and other business assets.
"I thank the SBA for opening a disaster loan outreach center in Erie County, and encourage residents affected by 'Winter Storm Knife' to plan on coming by to assess what assistance may be available to them," Erie County Executive Mark C. Poloncarz said. "This is a one-week opportunity to have a one-on-one conversation with SBA customer service representatives who are there to answer all your questions and help in the loan application process, and it should not be missed by anyone who needs assistance in recovering from the storm."
SBA Erie County DLOC location and hours:
•West Seneca Recreation Department (ice rink building), 1250 Union Road, West Seneca
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 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.
Interest rates are as low as 1.938 percent for homeowners and renters, 2.625 percent for nonprofit organizations and 4 percent for businesses 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 via SBA's secure website at https://disasterloan.sba.gov/ela.
Individuals and businesses also may 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 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 Feb. 13. The deadline to return economic injury applications is Sept. 15.