Metro Artistic Connection
Fri, Sep twenty fourth 2021 07:00 am
Visitor Editorial by Niagara County Legislature Chairwoman Becky Wydysh
Again in July, I wrote concerning the horrible storms and flooding that did super property injury throughout Niagara County. The torrential rainfall hit in a line from Lewiston to Lockport, wreaking havoc on many areas under the escarpment. Thanks to everybody who took time to file injury reviews with Niagara County Emergency Companies.
Now, I wish to be certain that all residents impacted by the July 20 storm are conscious that they could apply for low-interest catastrophe loans from the U.S. Small Enterprise Administration. In making the announcement, SBA Administrator Isabella Guzman mentioned, “SBA’s mission-driven group stands prepared to assist Niagara County small companies and residents impacted by the July extreme storms and flash flooding. We’re dedicated to offering federal catastrophe loans swiftly and effectively, with a customer-centric strategy to assist companies and communities recuperate and rebuild.”
That is definitely an necessary announcement that may hopefully present some measure of aid for these whose insurance coverage is not going to cowl all of the injury.
Right here’s what you have to know concerning the SBA catastrophe mortgage program. There are three various kinds of loans:
√ Enterprise Bodily Catastrophe Loans – Loans to companies to restore or change disaster-damaged property owned by the enterprise, together with actual property, inventories, provides, equipment and gear. Companies of any measurement are eligible. Non-public, nonprofit organizations equivalent to charities, church buildings, personal universities, and many others., are additionally eligible.
√ Financial Damage Catastrophe Loans (EIDL) – Working capital loans to assist small companies, small agricultural cooperatives, small companies engaged in aquaculture, and most personal, nonprofit organizations of all sizes meet their strange and essential monetary obligations that can’t be met as a direct results of the catastrophe. These loans are meant to help by way of the catastrophe restoration interval.
√ Dwelling Catastrophe Loans – Loans to owners or renters to restore or change disaster-damaged actual property and private property, together with cars.
The mortgage program is designed with very favorable phrases. Rates of interest will be as little as 1.6%, and phrases will be as much as 30 years. Like all mortgage, SBA will have a look at credit score historical past and talent to repay.
Candidates might apply on-line, obtain extra catastrophe help data and obtain functions at https://disasterloanassistance.sba.gov/ela. Candidates can also name SBA’s customer support middle at 800-659-2955 or e mail [email protected] for extra data on SBA catastrophe help. Please notice, the submitting deadline to return functions for bodily property injury is Nov. 8, 2021. The deadline to return financial harm functions is June 9, 2022.
Clearly, there have been quite a few climate occasions and pure disasters throughout the nation which have rightly garnered lots of consideration. So I wish to acknowledge the efforts of our state and federal leaders who labored arduous to ensure our neighborhood was not missed by getting SBA to supply catastrophe loans to Niagara County residents.