ELMIRA, NY (WETM) – In August 2021, Tropical Storm Fred swept across the country, affecting homeowners, renters and devastated small businesses. Tons of people in Steuben County were affected by flooding last year. Some are still in recovery mode.
The US Small Business Administration offers a low-interest loan to help people recover and repair damage.
“We can lend money to repair your property, whether you are a business, landlord or non-profit. Interest rates can be as low as 1.563% for homeowners. Tenant terms can go up to 30 years. And the first payment isn’t due until five months after the note is signed,” said Carl Dombek, public affairs specialist, US Small Business Administration.
Some people may have already borrowed money from another lender.
However, the US Small Business Administration has come up with a way to reduce the amount of money needed to repair damage to your home, car, apartment, and other items.
“They could use the SBA money, which is at a much lower interest rate, to pay off the higher interest rate vehicles that were financing the repairs,” Dombek said.
To access the low interest loan, you must complete an online application before the deadline.
“It’s usually a 60-day window from when the disaster is declared. This would push the date back to March 21 for physical damage. You don’t need to complete the application by then, but you need to be in the system,” Dombek said.
As needed, they will review damage records. Then they will assess what seems reasonable in terms of the dollar amount.
For more information on how to apply for the loan, contact the US Small Business Administration at 800-659-2955 or, you can email them at DisasterLoanAssisrance.SBA.gov