Loans for Businesses, Homeowners, Renters for Sandy Damage

SBA deadline for filing for physical damage is Dec. 31 and for economic injury is July 31, 2013.


The U.S. Small Business Administration provides homeowners, renters, businesses and private non-profit organizations with low-interest disaster loan assistance, said Richard Daigle, public affairs specialist with the SBA at a press conference on Wednesday with County Executive Scott Vanderhoef. FEMA representatives were also present to give an update.

“Statewide, we’ve approved more than $91 million. We encourage those with SBA loan applications to complete and return the applications as soon as possible," said Daigle. If you’re approved for a loan, you can choose to accept or not accept it.

In Rockland, 56 have received aid from SBA, according to Vanderhoef. Daigle encouraged everyone to apply for a loan because even if you're not approved, it may mean that the amount of grant money you would receive FEMA could increase. He added that people who are not eligible for FEMA or SBA can still get money because local funds have been set up by donations from private residents.

SBA deadline for filing for physical damage is Dec. 31 and for economic injury is July 31, 2013. In 2012, SBA approved 15,324 new loans for more than $689 million. Since SBA was founded in 1953, the federal organization has approved more than 1.9 million disaster loans for more than $50 billion.

You may be eligible for financial assistance from SBA if you are located in a declared disaster area and if you:

  • Rent or own your own home
  • Own your own business
  • Own a small agricultural cooperative

Types of Disaster loans available:

  • Home Disaster loans—For homeowners or renters to repair or replace disaster-damaged real estate or personal property owned by the victim. Renters are eligible for their personal property losses, including vehicles
  • Business physical disaster loans—to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations are also eligible, such as charities, churches, private universities, etc …
  • Economic injury—Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations. EIDL assistance available to only entities and their owners who cannot provide for their own recovery from non-government sources

You’re eligible for loans of up to:

  • Renters $40,000
  • Homeowners $200,000 for damaged real estate plus up to $40,000 for damaged personal property.
  • Non-farm businesses of all sizes and private nonprofit organizations may be eligible for up to $2 million

Interest rates of loans:

By law, the interest rates depend on whether each applicant has Credit available elsewhere

No credit available elsewhere Credit availble elsewhere Home loans 1.688% 3.375% Business loans 4% 6% Nonprofit organization loans 3% 3.125% Economic Injury loans for ...      business and small agricultural cooperatives  4% n/a      nonprofit organizations 3% n/a

SBA also has set up a business recovery center at Rockland Community College extension campus in Haverstraw—37 West Broad Street 2nd Floor, Haverstraw. It’s open 9 a.m. – 7 p.m. Monday - Saturday

To apply for SBA loans, first register with FEMA at the website or number listed above. Then visit DisasterLoan.sba.gov/ela or call 1-800-659-2955. 

Where to Apply

The Rockland Disaster Recovery Center (DRC) will be closing at Provident Bank Park in Pomona on Friday, but FEMA representatives will be at the Fire Training Center at 35 Firemens Memorial Drive, Pomona until Dec. 31

Open 9 - 5 p.m. M - F, but call first to make an appointment 845 364 8800

Residents can also apply online at DisasterAssistance.gov or by calling 1-800-621-FEMA (3362).

To apply for SBA loans, first register with FEMA at the website or number listed above. Then visitDisasterLoan.sba.gov/ela or call 1-800-659-2955. 

rockland community foundation December 07, 2012 at 05:17 PM
A reminder to non-profits and individuals that grant assistance is still available through the Rockland Community Foundation. Applications are easy to complete, and available on our website: www.rocklandgives.org.


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