Low-interest loan requests open to Dec. 1, 2016
The U.S. Small Business Administration has extended its deadline by a year for residents and businesses in New York affected by Superstorm Sandy (Oct. 27 to Nov. 8, 2012) to apply for low-interest loans to repair physical damage or for economic losses. The new deadline is Dec. 1, 2016.
The extension covers 17 New York counties, including Putnam and Dutchess. Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other assets. Economic Injury Disaster Loans are available to small businesses and most private nonprofits to help meet working capital needs even if they suffered no physical damage.
In addition, loans up to $200,000 are available to homeowners to repair or replace real estate, and homeowners and renters also are eligible for loans up to $40,000 to repair or replace personal property. Interest rates start at 4 percent for businesses, 3 percent for nonprofits and 1.688 percent for homeowners and renters, with terms up to 30 years.
For more information, visit disasterloan.sba.gov/ela or call 800-659-2955.