WASHINGTON – Businesses in New York affected by a five-alarm fire that occurred on Aug.20, are eligible to apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Isabel Casillas Guzman announced today.
Administrator Guzman made the loans available in response to a letter from New York Governor
Kathy Hochul on Dec. 18, 2023, requesting a disaster declaration by the SBA. Businesses in the declared area can now apply for low-interest disaster loans from the SBA. The declaration covers Kings and the adjacent counties of New York, Queens and Richmond in New York.
“SBA stands ready to help New York’s small business owners impacted by the fire in Brooklyn,” said Administrator Guzman. “With today’s announcement, we stand committed to providing on-the-ground assistance with federal economic injury disaster loans to help businesses and communities get the financial support they might need to recover and rebuild their neighborhood businesses.”
To assist businesses affected by the disaster, the SBA will open a Business Recovery Center (BRC), at the location and times below:
Business Recovery Center
Kings County
United Jewish Organizations of Williamsburg and North Brooklyn
32 Penn Street
Brooklyn, NY 11249
Opening: Sunday, Dec. 24, 10 a.m. to 2 p.m.
Hours: Monday – Thursday, 9 a.m. to 6 p.m.
Friday, 9 a.m. to 12 p.m.
Sundays, 10 a.m. to 2 p.m.
Closed: Saturdays
Holidays: Closed Monday Dec. 25 for the Christmas Holiday
Reopening for normal hours on Tuesday, Dec. 26, at 9 a.m.
Closed Monday Jan. 1 for the New Year’s Holiday
Reopening for normal hours on Tuesday, Jan. 2, at 9 a.m.
Permanently Closes: Thursday, Jan.11, 2024 at 4 p.m.
Customer Service Representatives will be available at the BRC to answer questions about the disaster loan program and help individuals complete their applications.
“Businesses and most private nonprofit organizations may borrow up to $2 million for working capital needs arising due to the disaster,” said SBA’s New York District Director Beth L. Goldberg.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 4 % for businesses, 2.375 % for nonprofit organizations, with terms of up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster . Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to return economic injury applications is Sept. 19, 2024.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. 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, 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 www.sba.gov.