Low-interest loans available to flood-affected Southern Tier homes and businesses

ALBANY, N.Y. (WBNG) — Help is on the way for some homes and businesses affected by severe flash flooding in August.

Governor Andrew Cuomo announced Wednesday a Physical Disaster Declaration was granted by the United States Small Business Administration for businesses and households in Broome and Seneca counties, along with the contigious counties of Cayuga, Cortland, Delaware, Ontario, Schuyler, Tioga, Tompkins, Wayne, and Yates.

The declaration makes low-interest loans available to some businesses and homeowners.

“SBA loans are often helpful when eligible homeowners, renters, businesses, and others need financial support following emergencies or weather-related disasters,” the governor’s office explained in a press release. “Following these storms, staff from the SBA, the New York State Division of Homeland Security and Emergency Services, and emergency management leadership from Broome and Seneca Counties conducted a thorough assessment of the damages.”

The following may be eligible for SBA loans:

  • Homeowners: up to $200,000 to repair or replace damaged or destroyed real estate
  • Homeowners and renters: 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, inventories, machinery, equipment, and other physical losses
  • Businesses and non-profits: Economic Injury Disaster Loans of up to $2 million to provide necessary working capital until normal operations resume after a disaster

The governor’s office notes assessors determined there was major damage to 20 homes and seven businesses in Broome County, totaling $717,000.

Minor damage to 205 homes and 14 businesses in Broome County totaled $1,228,000, according to the governor’s office.

Representatives from the U.S. Small Business Association will be in Binghamton to answer questions about the disaster loan program and help people fill out applications. The outreach center will be at the Broome County Public Library at the dates and times below:

  • Thursday, October 11: 11 a.m. to 6 p.m.
  • Friday, October 12: 9 a.m. to 5 p.m.
  • Saturday, October 13: 10 a.m. to 2 p.m.
  • Sunday, October 14: Closed
  • Monday, October 15: 9 a.m. to 6 p.m.
  • Tuesday, October 16: 9 a.m. to 6 p.m.
  • Wednesday, October 17: 9 a.m. to 4 p.m.

The deadline to file an application physical property damage is December 10, with the deadline for economic injury applications is in July 2019. Online applications can be found by clicking here.

Those with questions about the loans or how to apply can call the SBA Customer Service Center at 1-800-659-2955.

Last week, FEMA approved a federal disaster declaration for public assistance in seven New York counties as a result of the floods.

David Hermanovitch

David Hermanovitch

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