The U.S. Small Business Administration (SBA) has opened an office in White Plains to help businesses and residents who were affected by Hurricane Ida submit applications for disaster loans. The office is at the headquarters of the New York Power Authority, 123 Main St.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
Disaster loans up to $200,000 are available to homeowners to repair or replace real estate that was damaged or destroyed by the remnants of the hurricane that moved from Louisiana up through the Northeast. In addition, homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.
The office is scheduled to be open from 9 a.m. to 5 p.m., Mondays through Fridays. The SBA did not immediately say for how many weeks the office would remain in operation.
Interest rates on loans for businesses are as low as 2.855%, 2% for nonprofit organizations and 1.563% for homeowners and renters, with terms up to 30 years.
The SBA as of Sept. 19 had delivered more than $110 million in disaster aid funding to businesses and others affected by Hurricane Ida in the form of 2,600 low-interest loans.
This is on top of $267 billion in loan aid this year that the SBA has approved nationwide and in five U.S. territories to help people and businesses recover from Covid-19 and natural disasters, including multiple hurricanes, floods and wildfires,
SBA Administrator Isabella Casillas Guzman, said, “From the Gulf Coast to the Northeastern states, Hurricane Ida left a wide swath of damage in its wake, and SBA”™s mission-driven team is working hard to help affected small businesses and residents get the help they need swiftly and efficiently.
“The SBA is processing applications as quickly as possible and will continue to work to meet the needs of all those affected by this disaster.”
