ATLANTA - The U.S. Small Business Administration (SBA) announced that loans for small businesses, small agricultural cooperative, small businesses engaged in aquaculture and private nonprofit organizations in nine New York counties are available as a result of hail in parts of the Empire State on Aug. 15-16, 2019.
The loans are available in the following counties: Cayuga, Cortland, Genesee, Madison, Monroe, Niagara Onondaga, Orleans and Oswego.
“Small businesses that suffered economic injury as a result of the hail last summer and want to apply for low-interest loans from the SBA can now do so. The SBA is strongly committed to providing small business owners in Central and Western New York with the most effective, customer-focused response possible to assist small businesses with federal Economic Injury Disaster Loans,” said SBA Regional Administrator Steve Bulger, who oversees the federal agency’s operations in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands.
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 4% for small businesses and 2.75% for private nonprofit organizations, 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.
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 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to firstname.lastname@example.org. Loan applications can be downloaded from www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas 76155.
Submit completed loan applications to SBA no later than Oct. 5, 2020.