Loans for flood victims approved
ALBANY – Gov. Andrew Cuomo said Friday the U.S. Small Business Administration granted his request for a disaster declaration for Herkimer, Madison, Montgomery and Oneida counties after June’s flooding.
Loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate property, and $40,000 is available for owners or renters for destroyed or damaged personal property, according to a news release from the Cuomo’s office,
“I am pleased that the SBA has approved my request on behalf of these citizens and their communities and will make available low interest loans that will help them rebuild their homes and businesses. This is another key component in the overall recovery effort. The state will continue to work with the affected communities to make sure every available resource is provided to help them recover and rebuild,” Cuomo said in the release.
Interest rates as low as 1.875 percent for homeowners and renters, 2.875 for non-profit organizations and 4 percent for businesses, are available with terms up to 30 years.
June’s flooding devastated the village of Fort Plain, leading to the death of one resident and destroying and damaging many homes and businesses.
For more information call the SBA’s customer service center at 1-800-659-2955 or 1-800-877-8339 for deaf or hard-of-hearing individuals, or visit disasterloan.sba.gov/ela.