SBA Business Recovery Centers and Disaster Personal Loan Outreach Centers in New York Close Temporarily
The severe storms causing disastrous outcomes in several states of the U.S. in the past few days are not only affecting families, businesses and personal loan lenders, but now, also governmental offices as well. For example, the Small Business Administration (also known as SBA) just announced that because of the severe weather of which New York city is victim, both the SBA Business Recovery Centers and Disaster Personal Loan Outreach Centers in the city will close their doors starting noon Friday, Feb. 8 and will remain so even on Saturday as well. Both centers are scheduled to reopen and restart helping people with personal loans and other financial aids from Monday, Feb. 11.
For those who don’t know about them, these Centers specialize in providing personal, direct assistance to property holders, homeowners, landlords and both medium and small businesses looking for assistance due to disasters just like the storm that just hit New York. In the past, these Centers provided invaluable help to their “customers” by speeding up and granting them personal loans and other financial aids for the losses caused by the infamous Hurricane Sandy.
In fact, with the assistance and help from these Centers, businesses, individuals and NPOs (non-profit organizations) of just about any size are able to borrow up to an impressive $2 million in personal loans as long as they are destined to repair or replace any real estate real estate, machinery, equipment, and other business assets that have been damaged or destroyed by the inclement weather. On top of that, and in order to provide even more help to the people and businesses affected by this unprecedented winter weather, the SBA is able to increase any loan up to 20 percent of the overall amount of the disaster damage when it comes to real estate and/or leasehold improvements. Of course, this is all subject to prior verification by SBA. This verification measure is in place so the SBE can both make improvements to its personal loan policies and implement others that can lessen the risk of property damage when similar, future disasters occur.
In addition to all the different scenarios in which the SBA can help that were mentioned above, small agricultural cooperatives and any small businesses that performs activities related to agriculture or aquaculture can also benefit tremendously by personal loans and other financial aids offered by the SBA. In most cases, the aid provided by the Economic Injury Disaster Personal Loans unit can serve to meet the entire working capital need of any institution affected by this natural disaster. Furthermore, these personal loans and other financial assistance is always available to those in need, regardless of them being affected by weather, so long as their properties suffered physical damage.
As for the cost of these personal loans, their interest rates are very convenient for personal loan holders, and can be as low as 3 percent (for NPOs) and only of 4 percent for the rest of businesses. In addition to these beneficial rates, these personal loans also allow holders to repay them in periods up to 30 years, making them very convenient for any victim of the latest winter disaster. Naturally, every personal loan amount and its terms as well are both set by the SBA based entirely on each applicant’s financial condition and level of need.
Additionally, to make things a lot more convenient for those who need these personal loans, the SBA accepts online applications through the Electronic Loan Application (ELA) that can be found at the SBA’s secure website located at https://disasterloan.sba.gov/ela.
For additional information on disaster personal loans, the SBA’s Customer Service Center can be reached at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing).
And don’t forget, the deadline to submit your personal loan application for the damage caused to your physical property is on February 27, 2013.