Do Not Wait For Insurance Settlement; SBA Urges Return of Applications

ATLANTA-(Business Wire)-September 23, 2009 - The U.S. Small Business Administration is reminding disaster victims in several New York counties that they should not wait to settle with their insurance companies before applying for disaster loan assistance. The SBA encourages victims of the severe storms and flooding that occurred from August 8 - 10, 2009, to return their completed applications, even if they have not settled with their insurance company. The deadline to file an SBA loan application for physical damage is November 3.

If a victim does not know how much of their loss will be covered by insurance or other sources, the 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.

Homeowners, renters, non-profit organizations and businesses of all sizes in Cattaraugus, Chautauqua and Erie counties in New York, are eligible for Physical disaster loans from the SBA. Small businesses and most private non-profit organizations of all sizes in the following counties are eligible to apply only for SBA Economic Injury Disaster Loans: Allegany, Cattaraugus, Chautauqua, Erie, Genesee, Niagara and Wyoming in New York; Erie, McKean and Warren in Pennsylvania.

SBA’s customer service representatives are on hand at the Disaster Recovery Centers and Business Recovery Centers to issue loan applications, answer questions about the SBA’s disaster loan program, explain the application process and help individuals complete their applications.

The Centers locations and hours of operation are:

Open 7 Days a Week; from 8 a.m. to 8 p.m.

Cattaraugus County

Cattaraugus County Emergency Services Building					Fire Hall
303 Court Street					230 Aldrich Street
Little Valley NY 14755					Gowanda NY 14070

Our Lady of Mt. Carmel School
165 Central Avenue
Silver Creek NY 14136


SBA Business Recovery Center

Cattaraugus County
HSBC Bank USA
76 West Main Street
Gowanda, NY 14070
Hours: Monday – Friday from 8 a.m. to 7 p.m.
Saturdays from 8 a.m. to 1 p.m.

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 and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Interest rates are as low as 2.750 percent for homeowners and renters and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

For small businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any property damage.

Disaster victims who are unable to visit a Center may obtain applications and program information 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 6 p.m. EDT or by sending an email to disastercustomerservice@sba.gov. Business loan applications can be downloaded from the SBA Web site at www.sba.gov/services/disasterassistance. Completed applications should be returned to one of the Centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Victims may visit SBA’s secure Web site at https://disasterloan.sba.gov/ela/ to apply for disaster loans.

The filing deadline to return applications for physical property damage is November 3, 2009. The deadline to return economic injury applications is June 4, 2010.

For more information about the SBA’s Disaster Loan Programs, visit our Web site at www.sba.gov/services/disasterassistance.

Release Number: 09-704, NY 11872/11873

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