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Deadline near on SBA's October storm loans

Homeowners and businesses that were hit by the surprise October snowstorm have less than a week to apply for low-interest federal recovery loans.

Applications to the U.S. Small Business Administration's disaster loan program are due next Tuesday to help pay for damage resulting from the Oct. 12 storm, U.S. Rep. Thomas M. Reynolds' office said.

"The federal disaster declaration that our area fought hard to secure opened the door to low-interest SBA disaster loans," Reynolds said in a statement.

The SBA has received 839 applications for low-interest loans to help with recovery costs. The agency offers loans up to $200,000 for damaged or destroyed real estate to eligible homeowners in Erie, Niagara, Genesee and Orleans counties.

Qualifying business may apply for up to $1.5 million in loans for damaged plant, inventory and equipment.

Area homeowners and businesses have received approval for $5.5 million in SBA recovery loans, Reynolds said. The loans, with rates under 4 percent, are reserved for storm damages that aren't covered by insurance.

Applications are available from the SBA by calling the agency's assistance center at (800) 659-2955.

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