SBA Offers Relief to New York Businesses, Private Nonprofits, Residents Affected by Severe Storms, Flooding

WASHINGTON -The U.S. Small Business Administration announced the availability of low interest federal disaster loans for New York small businesses, private nonprofits, and residents affected by severe storms and flooding occurring July 28 - 29. The SBA issued a disaster declaration in response to a Sept. 24 request from Governor Kathy Huchul.

The declaration covers New York counties of Albany, Columbia, Dutchess, Greene, Rensselaer, Saratoga, Ulster, and Washington; Massachusetts county of Berkshire, as well as the Vermont county of Bennington, which are eligible for both physical damage loans and Economic Injury Disaster Loans from SBA.

Businesses and private nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.

"When disasters strike, SBA's Disaster Loan Outreach Centers perform an important role by assisting small businesses and their communities," said Chris Stallings, Associate Administrator of the Office of Disaster Recovery at the U.S. Small Business Administration. "At these centers, our specialists help business owners and residents apply for disaster loans and learn about the full range of programs available to support their recovery."

The SBA's Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, and private nonprofits - including faith-based organizations - impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

EIDLs are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills which could not be paid due to the disaster.

Interest rates are as low as 4% for businesses, 3.625% for private nonprofits, and 2.875% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant's financial condition.

Beginning Tuesday, Sept. 29, SBA customer service representatives will be on hand at the Disaster Loan Outreach Center in the county of Columbia to answer questions about SBA's disaster loan program, explain the application process, and help individuals complete their application. Walk-ins are welcome, and you can schedule an in-person appointment in advance at appointment.sba.gov.

The hours of operation are listed below:

COLUMBIA COUNTY

Disaster Loan Outreach Center

Columbia County Planning Department

401 State St

Hudson, NY 12534

Opens at 10 a.m. Tuesday, Sept. 29

Hours: Monday - Friday, 8 a.m. - 5 p.m.

Saturday, 10 a.m. - 2 p.m.

Holiday Closure on Monday, Oct. 12, Columbus Day

Closes permanently at 4 p.m. Tuesday, Oct. 13

RENSSELAER COUNTY

Disaster Loan Outreach Center

Town of Schodack Municipal Offices

265 Schuurman Road

Castleton-On Hudson, NY 12033

Opens at 11 a.m. Thursday, Oct. 1

Hours: Monday - Friday, 9 a.m. - 6 p.m.

Saturday, 9 a.m. - 1 p.m.

Holiday Closure on Monday, Oct. 12, Columbus Day

Closes permanently at 5 p.m. Thursday, Oct. 15

To apply online, visit sba.gov/disaster. Applicants may also call National Support Network Center at (866) SBA-HELP or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The filing deadline to return applications for physical property damage is Nov. 23. The deadline to return economic injury applications is June 24, 2027.

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About the U.S. Small Business Administration The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Related programs: Disaster

Email [email protected]