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Low-interest loans for New York area hit by ice jam flooding

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Staff Writer | March 29, 2018
ice jam flooding
Empire State   Loan amount and terms are set by the SBA

The U.S. Small Business Administration has granted Governor Andrew M. Cuomo's request for a Physical Disaster Declaration for businesses and households in Clinton and the contiguous counties of Essex and Franklin, N.Y.

They were affected by flooding along the Saranac River that occurred January 15-16, 2018. The Governor requested this declaration in a letter to the SBA on March 16.

SBA loans are often helpful when eligible homeowners, renters, businesses, and others need financial support following emergencies or weather-related disasters.

Following this flooding, staff from the SBA, the New York State Division of Homeland Security and Emergency Services, the City of Plattsburgh and Clinton county emergency management conducted a thorough assessment of the damages.

This assessment confirmed that there was major damage to 48 homes and nine businesses totaling $533,000 in damages. Minor damage occurred to 22 homes and one business totaling $86,000 in damages.

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

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.


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