Press Release Archives #022-99 - Small Business Administration will make Loans Available to Queens Businesses and Homeowners impacted by January 3rd Storm

Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: Thursday, January 21 , 1999

Release #022-99

Contact: Colleen Roche/Matthew Higgins (212) 788-2958
Sunny Mindel (OEM) 442-2031

MAYOR GIULIANI ANNOUNCES THE SMALL BUSINESS ADMINISTRATION WILL MAKE LOANS AVAILABLE TO QUEENS BUSINESSES AND HOMEOWNERS IMPACTED BY JANUARY 3rd STORM

Springfield Gardens and Laurelton Residents Urged to Apply for Loans

Mayor Rudolph W. Giuliani today announced that in response to his request to Governor George E. Pataki, the Small Business Administration (SBA) has declared Queens County, and it's contiguous counties, a disaster area. The SBA will now make disaster loans available to aid New Yorkers who suffered storm damage during a torrential downpour on January 3, when approximately four inches of rain fell on New York City.

"Few investments in life are more significant than a person's home and business," the Mayor said. "Losing part or all of that investment is devastating and the prospect of rebuilding after a tragedy may seem like an insurmountable obstacle. That is why these SBA loans will go a long way in helping renters, homeowners and business owners in southeast Queens regain a foothold on their lives and begin the process of rebuilding. I want to thank Governor Pataki for his assistance in securing the loans that will make this help a reality."

Governor George Pataki said, "l applaud the efforts of Mayor Giuliani, his Office of Emergency Management, the American Red Cross and the New York State Emergency Management Office in expediting the assessment of the damages suffered in an effort to help our citizens in their time of need."

Jerome Hauer, Director of the Mayor's Office of Emergency Management, said, "All businesses, homeowners and renters who experienced uninsured losses should go to the Disaster Assistance Center and take advantage of these loans." Eligible contiguous counties include the Bronx, Kings, New York and Nassau County on Long Island.

SBA disaster loans cover uninsured or underinsured disaster losses only. Homeowners and renters may apply for SBA loans of up to $40,000 to replace personal property, and homeowners may apply for loans of up to $200,000 to repair primary residences. Business and non-profit organization loans of up to $1.5 million are also available. Economic Injury Disaster loans are available to small businesses unable to meet bills or operating expenses as a result of storm damage. Interest rates on SBA disaster loans can be as low as 3.375 percent and terms can extend up to 30 years.

The Center is located at St. Mary Magdalene Church, 136-11 215 Street in Springfield Gardens, Queens. The Center's hours of operation are:

1/21 - 10:00am - 5:00pm
1/22 - 10:00am - 7:00pm
1/23 - 09:00am - 4:00pm
1/25 - 10:00am - 7:00pm
1/26 - 10:00am - 7:00pm
1/27 - 10:00am - 7:00pm
1/28 - 10:00am - 5:00pm
1/29 - 10:00am - 7:00pm

The SBA is authorized to make two types of disaster loans:

Physical Disaster Loans are a primary source of funding for permanent rebuilding and replacement of uninsured disaster damages to privately-owned real and/or personal property. These loans are available to homeowners, renters, and businesses of all sizes.
Economic Injury loans provide working capital until normal operations resume after a physical disaster. Economic injury loans are restricted to small businesses only.

The Small Business Administration's toll-free hotline is 1-800-659-2955. The hotline is staffed Monday through Saturday, 7:00am - 5:30pm.

www.ci.nyc.ny.us