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Disater loans approved for Yates County
Yates County, N.Y. The U.S. Small Business Administration has approved disaster loans for the homeowners, renters and business owners in Yates County impacted by flooding and heavy rain in May, Senators Schumer and Gillibrand announced Friday.
Yates County residents are eligible for the loans because the county reached the specified damage threshold required for the loans: physical damage to at least 25 homes and businesses that totaled over 40 percent of their uninsured value.
Yates County residents and business owners are still recovering from some of the worst flooding they have ever faced, which is why these disaster loans are so important. They will provide those who have been the most affected with the support they need to recover and rebuild after this severe weather, Senator Charles Schumer said in a statement.
The Small Business Administration will set up a temporary office in Yates County where homeowners, renters and business owners can go to apply for the loans in order to make repairs or replace household goods.
Yates County homeowners and businesses that weathered this storm and the flooding it left behind should not have to bear the burden cleanup costs on their own, Senator Kirsten Gillibrand said in a statement. These important disaster loans will go a long way in helping these families and businesses get back on their feet, and begin to recover.
Homeowners and renters can apply for up to $40,000 in loans to replace personal property, or homeowners can apply for up to $200,000 to repair, replace and clean damaged homes.
Business owners can apply for up to $2 million in order to repair damaged businesses.
Interest rates on the loans are set quarterly.