Residents and Businesses Affected by Saranac River Flooding Can Apply for Low-Interest Disaster Loans from the U.S. Small Business Administration
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 Clinton and the contiguous counties of Essex and Franklin that were affected by flooding along the Saranac River that occurred January 15-16, 2018. The Governor requested this declaration in a letter to the SBA on March 16.
"Ice jam flooding along the Saranac River severely affected families in the Underwood Estates area and disrupted nearby businesses," Governor Cuomo said. "The low-interest loans will help individuals and businesses make repairs to rebuild their community expediently and 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 were flooded out of their homes this winter. 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 this flooding, staff from the SBA, the New York State Division of Homeland Security and Emergency Services, the City of Plattsburgh and Clinton county emergency management conducted a thorough assessment of the damages. This assessment confirmed that there was major damage to 48 homes and nine businesses totaling $533,000 in damages. Minor damage occurred to 22 homes and one business totaling $86,000 in damages.
These SBA low-interest loans support the Governor's ongoing efforts to help affected residents and businesses make timely repairs. On February 23, 2018, the Governor signed legislation to modify existing state law to provide immediate assistance to residents of the Underwood Estates whose homes were seriously damaged or destroyed by flooding. Under the existing state program, residents must own both the home and land where they live to apply for funding. This action expanded eligibility to ensure all residents impacted by flooding at Underwood Estates in Plattsburgh, including those who own the home and lease the land, are eligible to apply for financial support and can do so immediately.
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 3.385 percent for businesses, 2.5 percent for nonprofit organizations, and 1.75 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 May 29, 2018. The deadline for economic injury applications is Dec. 27, 2018.
SBA's customer service representatives will be available at the Disaster Loan Outreach Center to answer questions about the disaster loan program and help individuals complete their applications.
The Center is located below and will be open as indicated:
Clinton County Housing Assistance
24 Margaret St., Suite 7
Plattsburgh, NY 12901
Opening: Thursday, March 29
Hours: 11 a.m. - 5:30 p.m.
Days and Monday - Friday
Hours: 9 a.m. - 5:30 p.m.
Saturday, March 31
10 a.m. - 2 p.m.
Closed: Sunday, April 1
Closing: Thursday, April 5
9 a.m. - 3:30 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.