Residents located in Cattaraugus, Chautauqua, Erie, Genesee, Niagara and Wyoming counties are eligible to apply for a disaster loan through SBA (Small Business Administration) as a result of the Blizzard of 2022. The blizzard is also known as Winter Storm Elliott.
Application Filing Deadlines:
Physical Damage: April 28, 2023
Economic Injury: November 27, 2023
To view the full FAQ sheet visit: https://disasterloanassistance.sba.gov/ela/s/article/Disaster-Loan-Fact-Sheets
What Types of Disaster Loans are Available?
- Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
- Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
- Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
What are the Credit Requirements?
- Credit History - Applicants must have a credit history acceptable to SBA.
- Repayment - Applicants must show the ability to repay all loans.
- Collateral - Collateral is required for physical loss loans over $14,000 and all EIDL loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but requires you to pledge what is available
What are the Loan Amount Limits?
- Business Loans – The law limits business loans to $2,000,000 for the repair or replacement of real estate, inventories, machinery, equipment and all other physical losses. Subject to this maximum, loan amounts cannot exceed the verified uninsured disaster loss.
- Economic Injury Disaster Loans (EIDL) – The law limits EIDLs to $2,000,000 for alleviating economic injury caused by the disaster. The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit. EIDL assistance is available only to entities and their owners who cannot provide for their own recovery from non-government sources, as determined by the U.S. Small Business Administration.
- Business Loan Ceiling – The $2,000,000 statutory limit for business loans applies to the combination of physical, economic injury, mitigation and refinancing, and applies to all disaster loans to a business and its affiliates for each disaster. If a business is a major source of employment, SBA has the authority to waive the $2,000,000 statutory limit.
- Home Loans – SBA regulations limit home loans to $200,000 for the repair or replacement of real estate and $40,000 to repair or replace personal property. Subject to these maximums, loan amounts cannot exceed the verified uninsured disaster loss.
What Restrictions are there on Loan Eligibility?
- Uninsured Losses – Only uninsured or otherwise uncompensated disaster losses are eligible. Any insurance proceeds which are required to be applied against outstanding mortgages are not available to fund disaster repairs and do not reduce loan eligibility. However, any insurance proceeds voluntarily applied to any outstanding mortgages do reduce loan eligibility.
- Ineligible Property – Secondary homes, personal pleasure boats, airplanes, recreational vehicles and similar property are not eligible, unless used for business purposes. Property such as antiques and collections are eligible only to the extent of their functional value. Amounts for landscaping, swimming pools, etc., are limited.
- Noncompliance – Applicants who have not complied with the terms of previous SBA loans may not be eligible. This includes borrowers who did not maintain flood and/or hazard insurance on previous SBA loans.
How can I apply?
Call SBA's customer service center at: 800-659-2955
Applications can also apply online here: https://disasterloanassistance.sba.gov/ela/s/
In-Person
2 locations have been set up to assist those who need it to apply. Both locations open Friday, March 3, 2023 noon-6pm and close to applications Thursday March 16, 20223 at 4pm. You do not need to visit these locations to apply.
Disaster Loan Outreach Center at Delavan Grider Community Center
877 E. Delavan Ave.
Buffalo, NY 14215
Opens Friday, March 3, 2023 noon-6pm
Hours: Monday-Friday 9am-6pm, Saturday 10am-2pm
Disaster Loan Outreach Center at Erie County Training & Operations Center
3359 Broadway
Cheektowaga, NY 14227
Opens Friday, March 3, 2023 noon-6pm
Hours: Monday-Friday 9am-6pm, Saturday 10am-2pm
