The Small Business Administration (SBA) has opened a Business Recovery Center (BRC) at the New York Power Authority, 123 Main St, White Plains, NY 10601. Customer Service Representatives will be available at the BRC to answer questions about the disaster loan program and help businesses complete their applications. Hours of operations are Monday – Friday, 9:00 a.m. – 5:00 p.m. (EDT), closed Saturday and Sunday. The center will operate until further notice.
Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. Visitors to the DLOC are encouraged to wear a face mask.
What Types of Disaster Loans are Available?
- Business Physical Disaster Loans – Loans to businesses 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 such as charities, churches, private universities, etc., are also eligible. The law limits business loans to $2,000,000.
- Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
- Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
What are the Credit Requirements?
- Credit History – Applicants must have a credit history acceptable to SBA.
- Repayment – Applicants must show the ability to repay all loans.
- Collateral – Collateral is required for physical loss loans over $25,000 and all EIDL loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral but requires you to pledge what is available.
What are the Interest Rates?
Interest rates are as low as 2.855% for businesses, 2% for nonprofit organizations, and 1.565% for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
How to apply: In person at one of the opened centers, online via SBA’s secure website at at https://disasterloanassistance.sba.gov/ela/s/, or by mail to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
For more information:
- SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard of hearing).
- For more information, email email@example.com, or visit SBA’s website at www.SBA.gov.
The filing deadline to return applications for physical property damage is November 4, 2021. The deadline to return economic injury applications is June 6, 2022.