SBA Provides $15 Million In Low-Interest Loans To Western New Yorkers Impacted By December Blizzard
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Governor Hochul Announces Loan Program
Governor Kathy Hochul announced on Friday that the U.S. Small Business Administration (SBA) is providing more than $15 million in low-interest loans to Western New Yorkers who were impacted by the December 2022 blizzard. The loans are available to homeowners, renters, businesses, and nonprofits in Erie, Niagara, Cattaraugus, Chautauqua, Genesee, and Wyoming counties.
“Western New Yorkers are some of the most resilient people I know, but this storm was devastating by every definition,” Hochul said in a statement. “My thanks go out to President Biden and the Small Business Administration for offering this much-needed assistance to help New Yorkers get back on their feet, rebuild and recover from this historic storm.”
Loans Can Be Used to Repair or Replace Damaged Property
The loans can be used to repair or replace damaged or destroyed property, or to cover lost wages or other economic losses. The SBA loan program was made possible by a Major Disaster Declaration issued by President Biden in March 2023. The declaration made the six counties eligible for a variety of federal assistance programs, including public assistance, individual assistance, and hazard mitigation.
Federal Assistance Helping to Support Recovery Efforts
The federal assistance is helping to support the recovery efforts in Western New York, which were devastated by the storm. The December blizzard brought heavy snow, high winds, and extreme cold to the region, causing widespread power outages and damage to homes, businesses, and infrastructure.
How to Apply for an SBA Loan
Individuals and businesses who are interested in applying for an SBA loan can do so online at www.sba.gov/disaster. Applicants must provide documentation of their losses, such as insurance claims, receipts, and estimates from contractors.
Groups eligible for the low-interest disaster loans
- Homeowners: Homeowners are eligible for loans up to $200,000 to repair their primary residence.
- Renters: Renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
- Businesses: Businesses are eligible for loans up to $2,000,000 for the replacement of real property, inventories, machinery, equipment, and other physical losses.
- Nonprofits: Nonprofits are eligible for loans up to $2,000,000 to cover lost revenue and other economic losses.
To apply for a loan, individuals and businesses must go to www.sba.gov/disaster and provide documentation of their losses, such as insurance claims, receipts, and estimates from contractors.
The SBA loan program is a vital resource for Western New Yorkers who are still recovering from the December blizzard. The loans can help homeowners, renters, businesses, and nonprofits get back on their feet and rebuild their lives.
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SBA: More than $15 million in federal assistance to residents & businesses in WNY impacted by December blizzard. Niagara Frontier Publications. Published June 2, 2023. Accessed June 5, 2023. https://www.wnypapers.com/news/article/current/2023/06/02/155806/sba-more-than-15-million-in-federal-assistance-to-residents-businesses-in-wny-impacted-by-december-blizzard
Reporter HMNS. More than $15M in SBA loans available to WNY victims of December blizzard. Buffalo News. Published June 2, 2023. Accessed June 5, 2023. https://buffalonews.com/news/local/more-than-15m-in-sba-loans-available-to-wny-victims-of-december-blizzard/article_5717c308-019d-11ee-bbda-1b2492495916.html
House TW. President Joseph R. Biden, Jr. Approves Guam Disaster Declaration. The White House. Published May 26, 2023. Accessed June 5, 2023. https://www.whitehouse.gov/briefing-room/presidential-actions/2023/05/25/president-joseph-r-biden-jr-approves-guam-disaster-declaration/#:~:text=Today%2C%20President%20Joseph%20R.
Disaster assistance. Disaster assistance. Accessed June 5, 2023. https://www.sba.gov/funding-programs/disaster-assistance