Mangano Announces Low Interest Loans for Homeowners, Renters, and Business

Disaster declaration makes loans available to residents and businesses impacted by storms

Nassau County Executive Edward P. Mangano today announced that the federal Small Business Administration (SBA), in partnership with the Nassau County Office of Emergency Management, will tomorrow open a Disaster Loan Outreach Center in Freeport to assist County homeowners, renters and businesses with recovering from the March storms.

"These low-interest loans will help many families, seniors and businesses recovery from the devastating impacts of recent storms,” said Mangano.  “I encourage residents to explore the loans available to repair or replace clothing, furniture, cars or appliances damaged or destroyed in the storm.”

The SBA last week issued a physical and economic injury disaster declaration for Nassau County making homeowners, renters and businesses eligible for low-interest loans for damages suffered in the severe storms that occurred March 12-30.  As a result, a Disaster Loan Outreach Center will open from 9:00 a.m. to 5:00 p.m. Wednesday, April 28th through Thursday, May 6th at the Freeport Recreation Center located at 130 East Merrick Road in Freeport.

Homeowners and renters in Nassau County affected by the storms may apply for low interest physical disaster loans to pay recovery costs not covered by insurance.  Renters and homeowners alike may borrow up to $40,000 to repair or replace clothing, furniture, cars or appliances damaged or destroyed in the disaster.  Homeowners may apply for up to $200,000 to repair or replace their primary residence to its pre-disaster condition.

Low-interest economic injury SBA loans provide working capital to assist eligible small businesses recover from losses caused by a disaster or emergency such as the March storms.  Small businesses impacted may be eligible for an economic injury disaster loan of up to $2 million to meet necessary financial obligations – expenses the business would have paid if the disaster had not occurred.

Businesses of all sizes may apply for a physical disaster loan of up to $2 million to repair or replace damaged real estate, equipment, inventory and fixtures. The loan may be increased by as much as 20 percent to protect the property against future disasters of the same type. These loans will cover uninsured or under-insured losses.