Residents and Businesses Affected by the Fire 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 Albany County and the contiguous counties of Columbia, Greene, Rensselaer, Saratoga, Schenectady, and Schoharie Counties following the fire in the City of Cohoes on November 30, 2017. Governor Cuomo requested that these loans be made available in a letter to the SBA on December 29, 2017.
"This devastating fire ripped through the heart of downtown Cohoes, displacing families and disrupting businesses in the city and across the region," Governor Cuomo said. "Making these loans available will help Cohoes recover faster and rebuild their community stronger than ever before."
SBA loans are often helpful when eligible homeowners, renters, businesses, and others need financial support following emergencies or weather-related disasters. Following this fire, staff from the SBA, the New York State Division of Homeland Security and Emergency Services, and leadership from the City of Cohoes and Albany County Emergency Management conducted a thorough assessment of the damages related to this incident. This assessment confirmed that there was major damage to 17 homes and 8 businesses totaling $613,000 in damages. Minor damage occurred to 13 homes and 19 businesses totaling $814,000 in damages, and minor damages to one private non-profit totaled $10,000.
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
DHSES Commissioner Roger L. Parrino said, "Disaster loans from the SBA will allow victims to rebuild after this tragic event. I am pleased the Governor's request was granted and this assistance has been made available to those in the affected areas who are struggling to rebuild after this incident."
Interest rates can be as low as 1.75 percent for homeowners and renters, 2.5 percent for non-profit organizations and 3.385 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.
Individuals and businesses may apply online using the Electronic Loan Application via SBA's secure website at https://disasterloan.sba.gov/ela.
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.
The filing deadline to return applications for physical property damage is March 5, 2018. The deadline to return economic injury applications is October 4, 2018.