The U.S. Small Business Administration is offering low-interest federal disaster loans to New York small businesses, private nonprofits and residents affected by the Cottage Avenue apartment building fire that occurred on November. 23.
The SBA announced the assistance following a disaster declaration issued in response to a request from Gov. Kathy Hochul on Dec. 12. The declaration covers Westchester County as the primary disaster area, along with adjacent counties including the Bronx, Nassau, Orange, Putnam and Rockland in New York, Fairfield County in Connecticut and Bergen County in New Jersey.
Eligible small businesses and private nonprofit organizations may apply for business physical disaster loans of up to $2 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory and other business assets. Economic Injury Disaster Loans are also available to help cover operating expenses during recovery.
Homeowners and renters may apply for loans of up to $100,000 to repair or replace personal property such as clothing, furniture, vehicles and appliances. Homeowners may also qualify for up to $500,000 to repair or replace their primary residence.
Applicants may be eligible for additional loan funding of up to 20% of verified physical damage to support mitigation efforts aimed at reducing future disaster risk. Eligible improvements include structural reinforcements, wind-rated garage doors and the installation of safe rooms or storm shelters.
“The massive five-alarm fire at 30 Cottage Avenue in Mount Vernon caused significant damage, displacing over 100 residents and required extensive community support,” said Matt Coleman, SBA Atlantic regional administrator. He encouraged affected residents and business owners to visit an SBA Disaster Recovery Center for one-on-one assistance.
Chris Stallings, associate administrator of the SBA’s Office of Disaster Recovery and Resilience, said the agency’s outreach centers play a key role in helping communities rebuild. “At these centers, SBA specialists assist business owners and residents with disaster loan applications and provide information on the full range of recovery programs available,” he said.
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