Governor Hochul Announces Low-Interest Loans Will Be Provided to Local Residents Affected by Tropical Storm Fred
ALBANY, NY (WETM) – Residents and business owners in Southern Tier counties will soon be able to apply for low-interest loans to help repair the damage caused by Tropical Storm Fred.
Governor Hochul announced that the US Small Business Administration will provide low interest loans to homeowners and businesses in Steuben, Chemung, Schuyler, Yates, Ontario, Allegany and Livingston County.
SBA loans are often useful when homeowners, tenants, businesses, and other eligible individuals need financial support due to weather-related emergencies or disasters.
“Tropical Storm Fred had a devastating impact on residents of Steuben County – impacts are still being felt today,” Governor Hochul said. “While FEMA’s refusal to provide individual assistance to the county was more than disappointing, these low-interest loans from the U.S. Small Business Administration will be essential in helping residents and businesses get back on their feet. as quickly as possible.”
Following the event, staff from the New York State and Steuben County Division of Homeland Security and Emergency Services conducted a thorough damage assessment related to this incident.
This assessment confirmed major damage to 38 homes and 14 businesses totaling $1,073,000 and $1,050,000 respectively, and minor damage to 84 homes and 12 businesses/non-profits totaling $700,000 and $185,000, respectively.
The following groups may be eligible for SBA disaster loan assistance for the following:
- Homeowners: up to $200,000 to repair or replace damaged or destroyed real estate
- Homeowners and tenants: up to $40,000 to repair or replace damaged or destroyed personal property
- Business owners: up to $2 million for the replacement of real estate, inventory, machinery, equipment, and other physical losses
- Businesses and nonprofits: economic disaster loans of up to $2 million to provide working capital needed until normal operations resume after a disaster
Interest rates can be as low as 1.563% for homeowners and tenants, 2.00% for non-profits, and 2.855% for businesses with terms up to 30 years.
The SBA has opened a Disaster Loan Outreach Center (DLOC) to help survivors apply. Customer service representatives are available to help applicants complete the application and to answer questions about the SBA disaster loan program.
The Disaster Loan Outreach Center is located at 1585 Academy Street inside Woodhull City Hall, Woodhull, NY
The opening date for applications can begin on Tuesday, January 25 from 11:00 a.m. to 6:00 p.m. The other opening days will be Monday to Friday from 9 a.m. to 6 p.m. and Saturday from 8 a.m. to noon.
The center will close permanently on Thursday, February 10 at 4 p.m.
Applicants can call the SBA Customer Service Center at (800)-659-2955 or email [email protected], paper loan applications can be downloaded from the SBA website. Completed applications can be mailed to the US Small Business Administration, Processing and Disbursement Center at 14925 Kingsport Road, Fort Worth, TX, 76155.