Loans offered to Cohoes fire victims
SBA assistance comes in response to Cuomo request
COHOES, N.Y. » TheU.S. Small Business Administration is offering disaster assistance in the form of loans to those affected by the massive late-November fire in downtown Cohoes.
Area businesses and residents affected by the Nov. 30 fire can apply for low-interest disaster loans from the SBA, the organization an- nounced Monday. SBA Administrator Linda McMahon made the loans available in response to a letter from Gov. Andrew Cuomo on Dec. 29 requesting a disaster declaration.
The declaration covers Albany County and the adjacent counties of Columbia, Greene, Rensselaer, Saratoga, Schenectady and Schoharie.
“The SBA is strongly committed to providing the people of New York with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” McMahon said in a news release. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
More than 30 buildings in and around Remsen Street were damaged or destroyed by the blaze,
which was allegedly caused by a man lighting a fire in a barrel on the windy afternoon. The resulting blaze left more than 25 people homeless.
SBA’s customer service representatives will be available at the Disaster Loan Outreach Center, located in the Cohoes Public Library, 169 Mohawk St., to answer questions about the disaster loan program and help individuals complete their applications. The center will open Thursday remain open through Jan. 18. Hours are 11 a.m. to 6 p.m. Thursday, 9 a.m. to 6 p.m. Friday, 10 a.m. to 2 p.m. Saturday, closed Sunday and Monday in observance of Martin Luther King Day, then open from 9 a.m. to 6 p.m. next Tuesday and Wednesday, Jan. 16 and 17, and 9 a.m. to 4 p.m. Thursday, Jan. 18.
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery andequipment, inventory, and other business assets,” SBA’s New York District Director Bernard Paprocki explained in the release.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster
“Loans up to $200,000 are available to homeowners to repair or replace 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.” — Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical damage.
“Loans up to $200,000 are available to homeowners to repair or replace 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,” added Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar 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.
Applicants may apply online using the Electronic Loan Application ( ELA) via SBA’s secure website at https://disasterloan.sba.gov/ ela.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-8778339 for the deaf and hearing impaired ), or by emailing disaster customers ervice@sba.gov. For more information or to download loan applications, visit 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 deadline to return applications for physical property damage is March 5, Oct. 4 for economic injury applications.