SBA Low-Interest Disaster Loans Top $1.6 Million For Flood Survivors

CHEEKTOWAGA, N.Y. -- Flood survivors in three western New York counties, Cattaraugus, Chautauqua and Erie, are recovering after the Aug. 8-10, 2009 storms and flooding with the help of more than $1.6 million in low-interest disaster loans from the U.S. Small Business Administration (SBA) so far.

Disaster loans up to $200,000 are available to homeowners to repair/replace real estate. Homeowners and renters are eligible for up to $40,000 to repair/replace personal property. Interest rates for residents are as low as 2.750% with terms as long as 30 years.

Businesses and non-profit organizations of any size may borrow up to $2 million at an interest rate as low as 4% to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. For small businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.

"Currently disaster loans have been approved in the amount of $1,600,700 for affected survivors," said Frank Skaggs, Director of SBA's Field Operations Center East. "We are pleased to be able to get these loans approved so the residents and businesses of New York can start rebuilding and begin resuming their normal lives."

"Survivors are urged to complete and return their SBA disaster loan application by the November 3, 2009 deadline. SBA is here to help you with your recovery efforts. I encourage anyone who has not completed their disaster loan application to do so and return it as quickly as possible," Skaggs added.

"More than a million and a half dollars in low-interest disaster loans in the hands of flood survivors adds significantly to the recovery process," said Federal Coordinating Officer Jaime E. Forero. "We encourage anyone who received an SBA application to fill out and return this paperwork."

Register or follow up on applications by going online to www.disasterassistance.gov or calling 1-800-621-FEMA (3362); TTY 1-800-462-7585. Applicants can also visit nearby disaster recovery centers for face-to-face assistance. For SBA information, call 1-800-659-2955 or visit the SBA's secure Web site at disasterloan.sba.gov/ela/ to apply for disaster loans.

FEMA's mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capabilities to prepare for, protect against, respond to, recover from and mitigate all hazards.

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