April 10, 2006
Denenberg Announces SBA Low-Interest Loans Now Available for Residents as a Result of
Last Fall’s Severe Storms and Flooding
Nassau County Legislator Dave Denenberg (D-Merrick) today announced that the U.S. Small Business Administration (SBA) is now offering a disaster loan program, which will provide low-interest, long-term loans for individuals and businesses to repair or replace disaster-damaged real estate and personal property. Nassau is among several other New York State Counties, including New York City and Suffolk Counties, which have been declared a disaster area as a result of the severe storms and flooding that occurred October 7 through October 26, 2005.
“Since last year’s sever flooding I received dozens of calls from residents concerning the damage they received to their homes and businesses,” said Legislator Denenberg. “The monetary damage was enormous and I am sure it has been very difficult for many residents to cover the repair and replacement costs for everything that was destroyed. That is why I want to make sure that all my constituents are aware that these loans are now available to them.”
At the time of the flooding, Legislator Denenberg fought to get FEMA funding from the Federal government but the State’s request was denied.
SBA disaster loans cover uninsured or otherwise uncompensated losses with interest rates as low as 2.687 percent for homeowners and renters and terms extending up to 30 years. Interest rates are as low 4.000 percent for businesses, also with terms up to 30 years. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.
SBA now offers loans up to $40,000 for renters and homeowners to repair or replace disaster damaged personal property such as furniture and clothing. Homeowners are eligible for loans up to $200,000 to repair disaster damaged primary residences. Loans to businesses of all sizes and non-profit organizations are available up to $1.5 million to repair damage to real estate, machinery, equipment and inventory. Economic Injury Disaster Loans (EIDLs) are also available to small businesses unable to pay bills or meet operating expenses.
To assist disaster victims, SBA is opening temporary Disaster Loan Assistance Centers at the following locations in Nassau County. SBA disaster employees will also be available at the centers to provide assistance to victims of the flooding:
Woodmere Park Center Senior Center at Eisenhower Park
750 Hungry Harbor Road. 100 Park Boulevard
North Woodmere, NY East Meadow, NY
Hours: Monday – Friday; 8:00 a.m. – 5:00 p.m.
These centers will be open until further notice
Anyone unable to visit the Disaster Loan Assistance Centers may obtain applications by calling the SBA Disaster Customer Service Center at 1-800-659-2955 (for the hearing-impaired:1-800-877-8339); Monday through Saturday from 8:00 a.m. until 9:00 p.m., EST. Applications may be obtained, completed and returned to the Disaster Loan Assistance Centers or mailed to: U. S. Small Business Administration, National Processing and Disbursement Center, 4925 Kingsport Road, Fort Worth, Texas 76155.
“As a result of this declaration, low-interest loans are available to homeowners, renters, and businesses that sustained damages from the flooding,” said Frank Skaggs, Director of SBA Field Operations Center East. “If you are a victim of this incident, you are eligible to apply for assistance,” Skaggs added.
The application deadline for physical damage is May 22, 2006; the deadline for economic injury applications is December 22, 2006. For more information about the SBA’s Disaster Loan Programs, visit SBA’s website at www.sba.gov/disaster.