|
October 2001 Vol. 15, #10
|
|
The U.S. Small Business Administration (SBA)
Home Disaster Loans
Business Physical Disaster Loans Economic Injury Disaster Loans (EIDL) When a disaster occurs, the United States Small Business Administration assists not only small businesses, but also makes loans available to businesses of all sizes, non-profit organizations, homeowners and renters. Disaster Assistance Loans for Homes & Personal Property - Loans to homeowners or renters to repair or replace disaster damages to real estate or personal property owned by the victim. Renters are eligible for personal property losses only. SBA provides low-interest, long-term loans to repair or replace uninsured or underinsured losses. SBA does not duplicate benefits of other agencies or insurance companies. Business Physical Disaster Loans - Loans to businesses to repair or replace disaster damages to property owned by the business, including real estate, machinery and equipment, inventory and supplies. Businesses of any size may be eligible. Nonprofit organizations such as charities, churches, and private universities may also be eligible. Economic Injury Disaster Loans (EIDL) for Small Businesses - Loans for working capital to small businesses to assist them through the disaster recovery period. These loans cover operating expenses the business could have afforded to pay, if the disaster had not occurred. The first step in the recovery process is to call the Federal Emergency Management Agency’s (FEMA’s) toll free number 1-800-462-9029 to register. LOAN AMOUNT LIMITS: Home Loan amounts are limited by SBA regulation to $200,000 to repair/replace real estate and $40,000 to repair/replace personal property. Business Loan amounts are limited by law to $1,500,000 for real estate, machinery and equipment, inventory and all other physical losses. Economic Injury Disaster Loan (EIDL) amounts are limited by law to $1,500,000. The $1,500,000 statutory limit for business loans applies to the combination of physical and economic injury, and to all disaster loans to a business and its affiliates. DEADLINES:For events related to the World Trade Center disaster of September 11, 2001, the filing deadline for applications for physical damage to homes, personal property, and businesses is November 10, 2001. For applications for economic injury the filing deadline is June 11, 2002. FOR MORE INFORMATION: Contact the Small Business Administration, 360 Rainbow Blvd. S., 3rd Fl., Niagara Falls, NY 14303; telephone 1-800-659-2955 or (716) 282-4612. Information is also available on the SBA’s Web site: www.sba.gov |
The U.S. Small Business Administration (SBA) Military Reservist Economic Injury Disaster Loan Program (MREIDL) The United States Small Business Administration offers loans through its Military Reservist Economic Injury Disaster Loan Program (MREIDL). The purpose of this program is to provide funds to eligible small businesses to meet ordinary and necessary operating expenses that it could have met, but is unable to meet, because an essential employee was "called-up" to active duty as a military reservist. These loans are intended only to provide the amount of working capital needed by a small business to pay its necessary obligations as they mature until operations return to normal after the essential employee is released from active military duty. The purpose of these loans is not to cover lost income or lost profits. MREIDL funds cannot be used to take the place of regular commercial debt, to refinance long-term debt or to expand the business.
The maximum interest rate for this program is 4%. The law authorizes loan terms up to a maximum of 30 years. SBA determines the term of each loan in accordance with the borrower’s ability to repay. Based on the financial circumstances of each borrower, SBA determines an appropriate installment payment amount, which in turn determines the actual term.
LOAN AMOUNT LIMIT: $1,500,000. The actual amount of each loan, up to this maximum, is limited to the actual economic injury as calculated by SBA, not compensated by business interruption insurance or otherwise, and beyond the ability of the business and/or its owners to provide. If a business is a major source of employment, SBA has authority to waive the $1,500,000 statutory limit.
DEADLINE:The Filing Period for small businesses to apply for economic injury loan assistance begins on the date the essential employee is ordered to active duty and ends 90 days after the essential employee is discharged or released from active duty. (NOTE: This program applies to military conflicts occurring or ending on or after March 24, 1999.)
FOR MORE INFORMATION: Contact the Small Business Administration, 360 Rainbow Blvd. S., 3rd Fl., Niagara Falls, NY 14303; telephone 1-800-659-2955 or (716) 282-4612. Information is also available on the SBA’s Web site: www.sba.gov
NYS Crime Victims Board Financial Relief for Crime Victims The New York State Crime Victims Board was created to compensate innocent victims of crime for unreimbursed out-of-pocket expenses. The Board provides financial relief to victims of crime and their families by paying unreimbursed crime-related expenses, including: medical and funeral expenses, loss of earnings or support, counseling, crime scene clean-up expenses, the cost to repair or replace items of essential personal property, reasonable court transportation expenses, and thecost of residing at or utilizing the services of a domestic violence shelter.
ELIGIBILITY: If you are an innocent victim of a crime within New York State, you may be eligible to receive benefits.
FOR MORE INFORMATION: Claim forms may be downloaded from www.cvb.state.ny.us. The New York State Crime Victims Board has offices in Albany, Buffalo and Brooklyn.
Albany:
845 Central Avenue, Albany, NY 12206
(518) 457-8727
Buffalo:
65 Court Street, Buffalo, NY 14202
(716) 847-7992
Brooklyn:
55 Hanson Place, 10th Floor
Brooklyn, NY 11217
(718) 923-4325
Grantsmanship Training Program
Rochester, Johnstown & Binghamton
The Grantsmanship Training Program is coming to New York: November 5-9, hosted by YWCA of Rochester and Monroe County; October 29-November 2, hosted by Fulton-Montgomery Community College; and November 26-30, hosted by Cornell Cooperative Extension. The five-day program is kept to a maximum of 26 participants. The cost of the program is $675.
FOR MORE INFORMATION:Contact each program directly: Rochester, TGCI Training Department at 800-421-9512, extension 53; Johnstown, William Easterly (518) 762-4651 x3700; and Binghamton, call Vicki Giarratano (607) 772-8956 x140. You may also contact The Grantsmanship Center at (800) 421-9512.