Relief Still Available to Lewis County Residents Hit by August Storm: Don’t Miss the Deadline to Apply for an SBA Disaster Loan

ATLANTA - The U.S. Small Business Administration (SBA) is reminding eligible businesses, nonprofit organizations, homeowners and renters in Lewis County, New York of the Feb. 18 deadline to apply for low interest federal disaster loans to offset physical damage caused by the severe storm and flooding that occurred Aug. 18 - 19, 2024.

Eligible businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters. 

"SBA disaster loans do more than repair damage, -- they mitigate against future disasters," said Randle Logan, acting associate administrator for the SBA's Office of Disaster Recovery and Resilience. "Expanded funding is available to make pro-active property and building upgrades that protect homes and businesses from future storms."

Interest rates are as low as 4% for businesses, 3.25% for nonprofits, and 2.813% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant's financial condition. 

The SBA also offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs, such as ongoing operating expenses for small businesses and private nonprofit organizations.  EIDL assistance is available regardless of whether the organization suffered any physical property damage.    

SBA's disaster loan program has been replenished through the American Relief Act of 2025, signed into law by President Biden on December 21, 2024.  

For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 6592955 or email [email protected] for information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.  

Submit completed loan applications to SBA no later than Feb. 18, 2025. The deadline to submit economic injury applications is Sept. 22, 2025.

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About the U.S. Small Business Administration 

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

Related programs: Disaster

Email [email protected]