***0 Disaster News***![](media/image1.png){width="1.5847222222222221in"
height="0.7277777777777777in"}

***Loans for Homeowners, Renters and Businesses of All Sizes***

SBA Disaster Assistance -- Field Operations Center- East - One Baltimore
Place, Suite 300 - Atlanta, GA 30308

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**Release Date:** May 17, 2007 **Contact:** Mark Ihenacho

**Release Number:** 07-398, NY 10852/10853 **Phone:** 404-347-3771

**SBA APPROVES MORE THAN \$4 MILLION IN DISASTER LOANS**

**FOR STORM AND FLOOD VICTIMS IN NEW YORK**

**NEW YORK --** More than \$4 million in U. S. Small Business
Administration Disaster Assistance Loans have been approved for
residents and business owners in New York who were victims of the severe
storms, inland and coastal flooding April 14 - 18, 2007.

"Currently, 86 home and business disaster loans have been approved in
the amount of \$4,008,300 for victims," said Frank Skaggs, Director of
SBA Field Operations Center East. "We are pleased to be able to get
these loans approved so the residents of New York can start rebuilding
and begin resuming their normal lives."

SBA is the primary source of long-term recovery assistance for restoring
and rebuilding homes, personal property, non-farm businesses of all
sizes and private non-profit organizations that sustained losses.

Anyone with disaster related damages should register first with FEMA by
calling 1-800-621-FEMA, then complete and return the SBA loan
application. "SBA is here to help you with your recovery efforts. I
encourage anyone who has not completed their disaster loan application
to do so and meet with one of the Customer Service Representatives at
one of the Centers located throughout the disaster area for assistance,"
Skaggs added.

Disaster loans up to \$200,000 are available to homeowners to repair or
replace damaged or destroyed real estate. Homeowners and renters are
eligible up to \$40,000 to repair or replace damaged or destroyed
personal property. Businesses of any size and private non-profit
organizations may borrow up to \$1.5 million to repair or replace
damaged or destroyed real estate, machinery, equipment, inventory and
other business assets.

The interest rates can be as low as 2.875 percent for homeowners and
renters and 4 percent for businesses. Loan terms can be up to 30 years.
Actual loan amounts and terms are set by the SBA, and are based on each
applicant's financial condition.

SBA also offers mitigation funds to disaster victims that have approved
physical loans. SBA mitigation funds are designed to help borrowers fund
protective measures to prevent damages of the same kind from recurring
in the future. To help fund these protective measures, borrowers may
request an additional 20 percent of their approved loan amount.

Additionally, disaster victims with insurance should not wait for a
settlement before applying to SBA. If a victim does not know how much of
their loss will be covered by insurance or other sources, SBA will
consider making a loan for the total loss up to its loan limits,
provided the borrower agrees to use insurance proceeds to reduce or
repay their SBA loan.

Those unable to visit one of the Centers and who have registered with
FEMA may obtain an application by calling the SBA's Customer Service
Center at 1-800-659-2955 (1-800-877-8339 for the hearing-impaired)
Monday through Friday from 8 a.m. until 9 p.m. EDT. Business loan
applications can also be downloaded from the SBA website at
[www.sba.gov/services/disaster](http://www.sba.gov/disaster)[assistance.]{.underline}
Completed applications should be returned to the Centers or mailed to:
U.S. Small Business Administration, Processing and Disbursement Center,
14925 Kingsport Road, Fort Worth, TX. 76155.

The deadline to return applications for physical damage is **[June 25,
2007]{.underline};** the deadline to return economic injury applications
is **[January 24, 2008]{.underline}.**

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*For more information about the SBA's Disaster Loan Programs, visit our
website at
[www.sba.gov/services/disasterassistance](http://www.sba.gov/services/disasterassistance).*