Nearly two months after a five-alarm fire tore through a beloved Red Hook warehouse, artists and small business owners who lost decades of work and inventory are finally getting some financial help.
Homeowners, business owners and renters are now eligible for low-interest disaster loans of up to hundreds of thousands of dollars, state officials announced Monday.
Dozens of businesses sustained major damage from the blaze that began in a Red Hook warehouse in September, totaling more than $9 million in damage, according to a review by the U.S. Small Business Administration.
The destruction also affected neighboring warehouses used as independent studios by local artists, leaving some unable to access what they describe as their life’s work, even weeks after the fire.
On Monday, Gov. Kathy Hochul said the state had secured a physical disaster declaration for Kings County, which includes Brooklyn, as well as the contiguous counties of Queens, Richmond and New York. That designation makes residents eligible for affordable loans to begin repairs.
“By securing a Physical Disaster Declaration, we are ensuring that the Red Hook community and surrounding businesses that sustained major fire damage have access to the financial resources needed to make repairs, recover, and resume normal operations following this disaster,” Hochul said in a statement.
Homeowners and renters can receive up to $100,000 to replace damaged or destroyed personal property, with homeowners also eligible for up to $500,000 to repair their primary residence.
Businesses and nonprofits can access up to $2 million in disaster loans to help cover losses and provide working capital while their operations are paused for repairs.
Applications are available now through the SBA’s website.
