ATLANTA - The U.S. Small Business Administration announced today that due to a steady decrease in activity, the Disaster Loan Outreach Center (DLOC) in Niagara County, New York will cease operations at 4 p.m. on Tuesday, Sept. 21. SBA opened the Center to provide assistance to businesses and residents affected by the July 20, 2021, Severe Storms and Flooding in New York.
“I encourage anyone who has not completed their disaster loan application to visit the center before the closing to meet with a Customer Service Representative for one-on-one assistance,” said Kem Fleming, director of SBA’s Field Operations Center East.
The Center is located and open as indicated below:
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SBA Disaster Loan Outreach Center (DLOC) Niagara County Niagara County Emergency Management 5574 Niagara Street Ext. Lockport, NY 14094 Last day: Tuesday, Sept. 21, 9 a.m. to 4 p.m. Closes Permanently: Tuesday, Sept. 21 at 4 p.m. |
Applicants have until the filing deadline to submit an application and may apply online using the Electronic Loan Application (ELA)via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration #17161, not the COVID-19 incident.
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. For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. EIDL Loan assistance is available regardless of whether the business suffered any physical property damage.
“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 Kem Fleming, director of SBA’s Field Operations Center East in Atlanta.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain, or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 2.88 percent for businesses, 2 percent for nonprofit organizations, and 1.625 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Businesses and individuals 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 emailing DisasterCustomerService@sba.gov. Loan applications can also be downloaded at sba.gov/disaster. Completed applications should be 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 Nov. 8, 2021. The deadline to return economic injury applications is June 9, 2022.
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit sba.gov.