NEW YORK – The U.S. Small Business Administration announced today that Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in multiple New York counties throughout the Capital Region, Hudson Valley, Lower Hudson Valley, North Country, Southern Tier and Western New York as result of excessive precipitation that began on July 23, 2018.
“Communities across the Empire State, unfortunately, have been negatively impacted by recent harsh storms. The SBA stands ready, willing and able to assist small business owners and farmers recover by providing access to emergency funding needed to get back on their feet. These federal resources are available to help recover from devastating losses sustained due to nature,” said SBA Regional Administrator Steve Bulger.
The SBA economic injury disaster loans are available in the following New York State counties:
Albany, Allegany, Broome, Cattaraugus, Chautauqua, Chemung, Chenango, Columbia, Cortland, Delaware, Dutchess, Erie, Essex, Franklin, Fulton, Greene, Hamilton, Herkimer, Jefferson, Lewis, Livingston, Madison, Montgomery, Oneida, Ontario, Orange, Oswego, Otsego, Putnam, Rensselaer, Rockland, Saint Lawrence, Saratoga, Schenectady, Schoharie, Schuyler, Steuben, Sullivan, Tioga, Tompkins, Ulster, Warren, Westchester, Wyoming and Yates.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities, affected by the same disaster,” said Kem Fleming, director of SBA’s Field Operations Center East.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers.
The loan amount can be up to $2 million with interest rates of 2.5 percent for private nonprofit organizations of all sizes and 3.61 percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
“Disaster declarations can mean all the difference to those whose livelihoods have been devastated by a harmful weather event. Small businesses need goods and personnel being able to travel safely and farmers rely on a good crop to get them through the year. When excessive rain destroys everything they’ve worked so hard for, they must know that they have the support and resources necessary to recover,” SBA Regional Administrator Bulger added.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at Disasterloan.sba.gov. Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (or 800-877-8339 for the deaf and hard-of-hearing) or by sending an email to email@example.com. Loan applications can also be downloaded from Disasterloan.sba.gov.
Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. Submit completed loan applications to SBA no later than December 10, 2019.