Weekly Feature

2015-01-08 / Business

U.S. Small Business Administration to open temporary disaster loan outreach centers

The U.S. Small Business Administration will open temporary disaster loan outreach centers in West Seneca and Attica. Those affected by the severe winter storm that occurred Nov. 19 to Nov. 26 can apply for disaster loan assistance at these centers.

“I encourage anyone who wants to apply to meet with one of the customer service representatives at the centers for one-on-one assistance,” said Frank Skaggs, director of SBA’s Field Operations Center East.

The center locations and hours of operations are:

• West Seneca Recreation Department Ice Rink Building, 1250 Union Road, West Seneca. The West Seneca center will be open from 9 a.m. to 6 p.m. Thursday, Jan. 8, Friday, Jan. 9, and Monday, Jan. 12; from 9 a.m. to 1 p.m. Saturday, Jan. 10; and from 9 a.m. to 5 p.m. Tuesday, Jan. 13. The final day for the West Seneca center will be Jan. 13.

• Town of Bennington Offices, 905 Old Allegany Road, Attica. The hours for this location will be from 12 to 6 p.m. Wednesday, Jan. 14; and from 9 a.m. to 4 p.m. Thursday, Jan. 15. The center will close after the Jan. 15 hours.

Loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.

SBA customer service representatives will be at the centers to issue loan applications, answer questions and help individuals complete their applications.

Businesses and nonprofit organizations of any size may borrow up to $2 million to repair or replace damage or destroyed real estate, machinery and equipment, inventory, and other business assets.

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.

For small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 1.938 percent for homeowners and renters, 2.625 percent for nonprofit organizations and 4 percent for businesses with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application via SBA’s website at www.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 by emailing disastercustomerservice@ sba.gov.

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, Texas 76155.

The filing deadline to return applications for physical property damage is Feb. 13, 2015. The deadline to return economic injury applications is Sept. 15, 2015.

For more information about the SBA Disaster Loan Program, visit www.sba.gov/disaster.

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