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Disaster Loan Outreach Center
At the request of Mayor Byron Brown, the U.S. Small Business Administration is opening a Disaster Loan Outreach Center (DLOC) in Buffalo on Tuesday, January 13, 2015. The location of the DLOC will make it convenient for those affected by the severe winter storm that occurred Nov. 19 – 26, 2014 to apply for disaster loan assistance.
"Word today that Buffalo is now eligible for SBA low interest loans is welcoming news after an historic storm dumped over 6 feet of snow on parts of South Buffalo in November, causing all sorts of damage for city residents and business owners,” said Mayor Brown. “This is encouraging news for those who continue to put the pieces together after the storm and the reason I encourage all those affected to apply as soon as possible. Our goal was to find funding options that would offer quick assistance to those who need it and I am proud that we have achieved that."
The Center location and hours are:
Connors Kait Harrity Memorial Pool
Hours: 9 am – 6 pm
Loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. SBA Customer Service Representatives will be at the DLOCs to issue loan applications, answer questions and help individuals complete their applications.
Businesses and non-profits organizations of any size may borrow up to $2 million to repair or replace damage or destroyed real estate, machinery and equipment, inventory and other business assets.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage caused by a similar disaster.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDL’s) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 1.938 percent for homeowners and renters, 2.625 percent for nonprofit organizations and 4 percent for businesses with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Individuals and businesses may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing email@example.com. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is February 13, 2015. The deadline to return economic injury applications is September 15, 2015.
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Photos by Angel Art LTP, compliments of the Greater Buffalo Convention and Visitors Bureau. Additional photos by Adrian Roselli, compliments of Algonquin Studios