Administrator Contreras-Sweet made the loans available in response to a letter from Gov.
"The SBA is strongly committed to providing the people of
"Loans up to
"Businesses and non-profit organizations of any size may borrow up to
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.188 percent for homeowners and renters, 2.625 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.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.
Individuals and businesses unable to visit the center may also obtain information and loan applications by calling the
The filing deadline to return applications for physical property damage is
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov/disaster.
Release Number: 14-248, NY 14005/14006
Keywords for this news article include: Homeowners, Real Estate,
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