U.S. Small Business Administration offers Disaster Assistance to local Businesses, Residents affected by severe summer weather in Upstate New York

New York businesses and residents affected by severe storms, tornadoes and flooding in July, are eligible to apply for low-interest disaster loans from the U.S. Small Business Administration.

"The SBA is strongly committed to providing the people of New York with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said SBA Administrator, Isabel Casillas Guzman. 

“Getting businesses and communities up and running after a disaster is our highest priority at SBA.”

The announcement was issued on Wednesday, where officials made these loans available in response to a letter from New York Governor Kathy Hochul on Sept. 5, requesting a disaster declaration by the SBA.

Businesses and residents in the declared area can now apply for low-interest disaster loans from the SBA. Several counties have been named in this deceleration, including Herkimer, Jefferson, Lewis and Oneida.

The SBA will open Disaster Loan Outreach Centers (DLOCs) to assist businesses and residents complete their disaster loan application, accept documents, and provide updates on an application’s status.

Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Disaster Loan Outreach Center in advance (see hours above).

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $100,000 to repair or replace damaged or destroyed personal property.

Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage.

Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement.

Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Image via Lewis County.gov.