WASHINGTON – New York businesses and residents affected by Winter Storm Elliott that occurred Dec. 23-28, 2022, are eligible to apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Isabella Casillas Guzman announced today.
Administrator Guzman made the loans available in response to a letter from New York Governor
Kathy Hochul, dated Feb. 22, requesting a disaster declaration by the SBA. The declaration covers Erie County and the adjacent counties of Cattaraugus, Chautauqua, Genesee, Niagara and Wyoming in New York.
“The SBA is strongly committed to providing the people of New York with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said Guzman. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
“We have been working in close coordination with the State of New York since the impact of this devasting weather event,” said Francisco Sanchez. Jr., Associate Administrator, U.S. Small Business Administration. “Now, with this disaster declaration, we are already at work making federal assistance available to those that need help recovering from this storm.”
To assist businesses and residents affected by the disaster, the SBA will open two Disaster Loan Outreach Centers (DLOCs) in Erie County at noon on Friday, March 3:
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Disaster Loan Outreach Center West Seneca Library & Community Center West Seneca, NY 14224 Opening: Friday, March 3, noon – 6 p.m. Hours: Monday – Friday, 9 a.m. – 6 p.m. Saturday, 10 a.m. – 2 p.m. Closed: Sunday Closes Permanently: Thursday, March 16 at 4 p.m. |
Disaster Loan Outreach Center Mt. Olive Baptist Church Buffalo, NY 14215 Opening: Friday, March 3, noon – 6 p.m. Hours: Monday – Friday, 9 a.m. – 6 p.m. Saturday, 10 a.m. – 2 p.m. Closed: Sunday Closes Permanently: Thursday, March 16 at 4 p.m. |
Customer Service Representatives will be available at the DLOCs to answer questions about the disaster loan program and help individuals complete their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the DLOC are encouraged to wear a face mask.
“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 Buffalo District Director Franklin J. Sciortino.
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.
“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 of up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements might include insulating pipes, insulating walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 3.305 percent for businesses, 2.375 percent for nonprofit organizations, and 2.313 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.
Applicants 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 #17794.
Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or sending an email to DisasterCustomerService@sba.gov. Loan applications can also be downloaded from 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 April 28, 2023. The deadline to return economic injury applications is Nov. 27, 2023.
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About the U.S. Small Business Administration
Recently, U.S. SBA Administrator Isabella Casillas Guzman announced a policy change granting 12 months of no payments and 0 percent interest. This policy change will benefit disaster survivors and help them to decrease the overall cost of recovery by reducing the amount of accrued interest they must repay. Details are available through the SBA Disaster Assistance Customer Service Center at 800-659-2955. Individuals with verbal or hearing impairments may dial 7-1-1 to access telecommunications relay services from 8 a.m. to 8 p.m. ET, Monday to Friday, or email: DisasterCustomerService@sba.gov.
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.