Contact: Kristin Devoe, Kristin.Devoe@dhses.ny.gov, (518) 242-5153

May 21, 2015

FINANCIAL HELP AVAILABLE FOR VICTIMS OF TROY FIRE

U.S. Small Business Administration makes loans available to help eligible New Yorkers recover from April 10 fire

The New York State Division of Homeland Security and Emergency Services (DHSES) today announced that victims of the April 10 fire at 352-354 Washington Street and 231-233 Fourth Street in the City of Troy may be eligible for low-interest small business loans to replace their homes, businesses, and personal property. Governor Cuomo requested that the U.S. Small Business Administration (SBA) make the loans available and grant a physical disaster declaration for Rensselaer County, along with Albany, Saratoga, Columbia, Washington, and Greene Counties. The American Red Cross provided emergency shelter and aid after the fire, which affected more than two dozen people and a business.

DHSES Commissioner John P. Melville said, “This unfortunate fire displaced dozens of Troy residents, robbing them of their homes, their belongings, and some of their pets. It also tore through the USA Track and Field offices, forcing the relocation of employees. I hope that those who are qualified will take advantage of this support, made possible by the leadership of Governor Cuomo and our partners at the SBA, as they move forward.”

SBA loans are often helpful when eligible homeowners, renters, businesses, and others need financial support following emergencies or weather-related disasters. A damage assessment performed by the SBA, and local and state emergency management teams, found that there was sufficient damage to warrant an SBA declaration. In the case of the fire on Washington and Fourth Streets, the following groups may be eligible for help from SBA loans for the following:

  • Homeowners: up to $200,000 to repair or replace damaged or destroyed real estate
  • Homeowners and renters: up to $40,000 to repair or replace damaged or destroyed personal property
  • Business owners: up to $2 million for the replacement of real estate, inventories, machinery, equipment, and other physical losses
  • Businesses and non-profits: Economic Injury Disaster Loans of up to $2 million to provide necessary working capital until normal operations resume after a disaster

Troy Mayor Lou Rosamilia said, “I’m very happy and relieved that the victims of this terrible fire can apply for these incredibly important loans through the SBA so that they can begin the process of rebuilding their lives. This truly was a community effort, and I’m incredibly proud of the way the City of Troy came together to aid the victims affected by this incident. I want to thank the Governor and the SBA for their assistance and coordination with our local officials in facilitating this process.”

The SBA will open a Disaster Loan Outreach Center (DLOC) at the City of Troy Fire Headquarters located at 2175 6th Avenue, Troy, NY 12180. Representatives from SBA will be available to assist with the application process. The DLOC will be open from Wednesday, May 27 until Tuesday, June 2, 2015 at 4:00 p.m. Weekday hours will be 9:00 a.m. through 6:00 p.m., and hours on Saturday, May 30 will be 10:00 a.m. through 2:00 p.m. The DLOC will be closed on Sunday, May 31. The DLOC does not take appointments and operates on a walk-in basis only.

The filing deadline to return applications for physical property damage is July 20, 2015. The deadline to return economic injury applications is February 19, 2016.

Individuals and businesses may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela. Individuals and businesses may also obtain information and loan applications by calling the SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov/disaster.

Interest rates can be as low as 1.813 percent for homeowners and renters, 2.625 percent for non-profit organizations, and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.

About DHSES
The Division of Homeland Security and Emergency Services (DHSES) and its four offices -- Counter Terrorism, Emergency Management, Fire Prevention and Control, and Interoperable and Emergency Communications -- provide leadership, coordination, and support for efforts to prevent, protect against, prepare for, respond to, and recover from terrorism and other man-made and natural disasters, threats, fires and other emergencies. For more information, visit the DHSES Facebook page, follow @NYSDHSES on Twitter, or visit dhses.ny.gov.
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