October 10, 2018
Albany, NY

Governor Cuomo Announces Low-Interest Loans from the Small Business Administration Available in Broome and Seneca Counties to Residents and Businesses Affected By August Flash Flooding

TOP Governor Cuomo Announces Low-Interest Loans...

Residents and Businesses Affected by Flooding Can Apply for Low-Interest Disaster Loans from the U.S. Small Business Administration

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Governor Andrew M. Cuomo today announced the U.S. Small Business Administration has granted his request for a Physical Disaster Declaration for businesses and households in Broome and Seneca Counties and the contiguous counties of Cayuga, Chenango, Cortland, Delaware, Ontario, Schuyler, Tioga, Tompkins, Wayne, and Yates that were affected by severe storms and flash flooding that occurred on August 13-15. The Governor requested this declaration in a letter to the SBA on October 2, 2018.

"Extreme weather is the new normal, and homes and businesses are faced with increasing risks - even in areas that have not traditionally been prone to flooding," Governor Cuomo said. "These low-interest loans will help affected residents and businesses make needed repairs and rebuild their community stronger than before."

Roger L. Parrino Sr., Commissioner of the Division of Homeland Security and Emergency Services said, "This is much needed assistance for people who suffered losses due to severe flooding. I am glad that our federal partners at the SBA have made these low interest loans an option for affected New Yorkers."

SBA loans are often helpful when eligible homeowners, renters, businesses, and others need financial support following emergencies or weather-related disasters. 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 assessment confirmed that there was major damage to 20 homes and seven businesses in Broome County totaling $717,000, and that minor damage in Broome occurred to 205 homes and 14 businesses totaling $1,228,000. The assessment in Seneca County indicated major damage to 25 homes and two businesses totaling $2,147,000, and minor damage that occurred to 28 homes totaling $336,000 in damages.

These SBA low-interest loans support the Governor's ongoing efforts to help affected residents and businesses make timely repairs. Last week, the Governor announced that the federal government had granted his request for a Federal Disaster declaration for Public Assistance for seven counties that sustained damage during these storms. With this declaration, FEMA had validated state and local government estimates that more than $36 million in response costs and public infrastructure damage was incurred following the storms. This approval, indicating that these counties have reached the necessary threshold for federal funding, is the next step toward gaining financial assistance from the federal government to allow local communities to continue to recover. This assistance can be used towards funding for emergency protective measures, debris removal, and repairs to public infrastructure.

The following groups may be eligible for help from SBA loans for the following:

  • 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

Interest rates are as low as 3.675 percent for businesses, 2.5 percent for nonprofit organizations, and 2 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant's financial condition.

Individuals and businesses may also apply online using the Electronic Loan Application via SBA's secure website at https://disasterloan.sba.gov/ela. The filing deadline to submit applications for physical property damage is December 10, 2018. The deadline for economic injury applications is July 9, 2019.

SBA's customer service representatives will be available at Disaster Loan Outreach Centers to answer questions about the disaster loan program and help individuals complete their applications.

The Centers are located below and will be open as indicated:

Broome County
Broome County Public Library
185 Court Street
Binghamton, NY 13901 

Opens: Thursday, Oct. 11 at 11 a.m. - 6 p.m.
Friday, Oct. 12,  9 a.m. - 5 p.m.
Saturday, Oct. 13, 10 a.m. - 2 p.m.
Sunday,  Oct. 14, Closed
Monday-Tuesday, Oct. 15-16, 9 a.m. - 6 p.m.
Closing:  Wednesday, Oct. 17 at 9 a.m. - 4 p.m. 

Seneca County
The Ovid Federated Church
7137 N. Main Street
Ovid, NY  14521 

Opens: Thursday, Oct. 11 at 11 a.m. - 6 p.m.
Hours: Monday - Friday, 9 a.m. - 6 p.m.
Saturday, Oct. 13, 10 a.m. - 2 p.m.
Sunday,  Oct. 14, Closed
Closing: Thursday, Oct. 18 at 9 a.m. - 4 p.m. 

Individuals and businesses may also obtain information and loan applications by calling the SBA's Customer Service Center at 1-800-659-2955 or 1-800-877-8339 for the deaf and hard-of-hearing, or by emailing [email protected]. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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