Jan. 28 is N.Y. State deadline for SBA disaster loan applications

Unsafe building on South Street

A sign on a building on South Street in the South Street Seaport declares that the premises are unsafe in the aftermath of Superstorm Sandy. (Photo: Terese Loeb Kreuzer)

The deadline for New York State homeowners, renters and business owners whose premises were damaged by Superstorm Sandy to get their completed applications for disaster relief to the U.S. Small Business Administration has been extended from Dec. 31, 2012 to Jan. 28, 2013.

Residents of New Jersey and Connecticut have until Dec. 31, 2012. The filing deadline is Jan. 15, 2013 for residents and businesses in Rhode Island.

As of Dec. 7, the S.B.A. had approved more than $156 million in disaster loans to about 2,500 homeowners, renters and businesses in New York, New Jersey, Connecticut and Rhode Island.

However, the agency noted that while it had sent out more than 360,000 applications, only 22,000 had been returned.

According to the S.B.A., insurance policies may not cover all replacement, repair and rebuilding costs. A disaster loan is available to cover the difference. However, it isn’t necessary to wait for an insurance settlement. When it arrives, the insurance settlement can be used to pay down the loan.

For help filling out the S.B.A. application, or for answers to questions about what documents are required to complete the process visit a local Disaster Recovery Center or a Business Recovery Center. For locations go to: http://www.fema.gov/disaster-recovery-centers. Call (800) 659-2955. Those with a speech disability or hearing loss can use TTY and should call (800) 462-7585.

S.B.A. Small Business Development Centers are available to help business owners complete loan applications, and give advice on how to rebuild and grow in the aftermath of the disaster. Go to http://www.sba.gov/local-assistance to find a local Small Business Development Center.

In Lower Manhattan, there are several options. The S.B.A.’s New York District Office is at 26 Federal Plaza, Suite 3100, New York, NY 10278. Phone: (212) 264-4354.

The New York City Department of Small Business is at 110 William Street 2nd floor, New York, NY 10038. Phone: (212) 513-6444.

Pace University’s Small Business Development Center is at 163 William St., 3rd floor, New York, NY 10038. Phone: (212) 618-6655.

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4 Responses to Jan. 28 is N.Y. State deadline for SBA disaster loan applications

  1. Lenders always denied on bad credit, you must have good credit history when goto independent lenders.

  2. Be weary though, since these lerneds know you are in need of money it is going to cost you. have to stay discipline make sure you pay it back ASAP otherwise you end paying more in interest than the couple hundreds bucks you needed from jump. A catch 22 I suppose.

  3. Lenders will look at a borrower’s credit history before approving a loan, but it doesn’t necessarily mean the application will be denied. Whatever proof of collateral presented by the individual will also factor into the decision. There are some who continue to acquire financing, eventhough they aren’t always diligent with repayments, as most banks or lending institutions will rely on the customers assets in order to grant the said loan.

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