Low-interest loans available to those impacted by Tropical Storm Fred flooding
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ROCHESTER, N.Y. (WHEC) — The Small Business Administration (SBA) is offering low-interest loans to residents of Steuben, Livingston, Ontario and Yates counties affected by flooding caused by Tropical Storm Fred.
The storm happened on Aug. 18 into Aug. 19.
The loan can be used to help pay for repairs, even if they’re completed or underway. They can also be used to pay off higher-interest-rate loans or credit card charges used to pay for repairs.
Residents and businesses can get up to $200,000 for damaged real estate and up to $40,000 for damaged personal property.
Interest rates are as low as 2.855% for businesses, 2% for nonprofit organizations, and 1.563% for homeowners and renters, with terms up to 30 years.
The SBA also opened a disaster loan outreach center inside the Woodhull Town Hall in Steuben County. It’s located at 1585 Academy St. Its hours are 9 a.m. to 6 p.m. Monday through Friday and 8 a.m. to noon Saturday. The center will be open until Thursday, Feb. 10 at 4 p.m.
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 March 21, 2022. The deadline to return economic injury applications is Oct. 20, 2022.