For Immediate Release: August 2, 2013
GOVERNOR CUOMO ANNOUNCES LOW-INTEREST SMALL BUSINESS LOANS AVAILABLE TO RESIDENTS AND BUSINESSES AFFECTED BY FLOODING IN UPSTATE NEW YORK
New York residents and businesses affected by the upstate severe storms and flooding can apply for low-interest disaster loans from the U.S. Small Business Administration
Governor Andrew M. Cuomo today announced the U.S. Small Business Administration (SBA) has granted his request for a disaster declaration for Herkimer, Madison, Montgomery and Oneida Counties following the severe storms and flooding that began in late June. Governor Cuomo requested that these loans be made available in a letter to the SBA on July 25th. 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. Contiguous counties to Herkimer, Montgomery, Madison, and Oneida are eligible for the full SBA disaster loan program.
"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," Governor Cuomo said. "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."
DHSES Commissioner Jerome M. Hauer said, "Disaster loans from the SBA will allow businesses and communities the ability to get back up and running after these devastating storms and I am pleased that through the Governor's advocacy there is another avenue of assistance for businesses and residents in upstate New York and the Mohawk Valley who are struggling to rebuild after these storms."
Interest rates are as low as 1.875 percent for homeowners and renters, 2.875 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.
Individuals and businesses 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 firstname.lastname@example.org. 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.
Additionally, Governor Cuomo created the Mohawk Valley and 2013 Upstate Flood Recovery Program to provide assistance to those homeowners, business owners, and farmers who were victims of the floods. The program will provide up to $16 million recovery assistance to address gaps in coverage for impacted homeowners, business owners and farmers. This program will also designate these impacted communities as Community Reconstruction Zones, providing additional funds for assistance with long-term recovery and planning to address future events. Affected homeowners, small businesses and farms are encouraged to visit http://www.nyshcr.org/Programs/NYS-Flood to register today or to call the NYS Flood Helpline at 1-888-769-7243 for information on how to receive assistance.