The U.S. Small Business Administration (SBA) on Friday announced Upstate flood victims, including those in the Mohawk Valley, can apply for low-interest disaster loans.
Businesses and residents that the severe storms and flooding affected between June 26 and July 5 can apply for the funding.
The federal agency is making the loans available in response to a July 25 letter from Gov. Andrew Cuomo requesting that the SBA issue a disaster declaration.
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The declaration covers Madison, Oneida, Herkimer, and Montgomery counties, and the adjacent counties of Onondaga, Oswego, Cortland, Chenango, Lewis, Saint Lawrence, Fulton, Hamilton, Otsego, Saratoga, Schenectady, and Schoharie in New York.
“Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” Bernard Paprocki, SBA’s Syracuse district director, said in a news release.
Applicants may be eligible for a loan-amount increase up to 20 percent of their physical damages, as verified by the SBA, to make improvements that help prevent the risk of future property damage that a similar disaster might cause, the agency said.
For small businesses, small agricultural cooperatives, small aquaculture businesses, and most private nonprofit organizations of all sizes, the SBA also offers economic-injury disaster loans (EIDLs) to help meet working-capital needs that the disaster caused, according to the SBA.
EIDL assistance is available regardless of whether the business suffered any physical property damage, the agency added.
Applicants may apply online using the electronic-loan application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
For homeowners, loans of up to $200,000 are available for the repair or replacement of damaged or destroyed real estate, Frank Skaggs, director of SBA’s field-operations center east in Atlanta, said in the news release.
“Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed-personal property,” Skaggs said.
Interest rates are as low as 1.875 percent for homeowners and renters, 2.875 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. The SBA sets the loan amounts and terms, which are based on each applicant’s financial condition, the agency said.
SBA’s customer-service representatives are available at the disaster-loan outreach centers to answer questions about the disaster-loan program and help individuals complete their applications, the agency said.
Details about the centers for Madison and Oneida counties are listed below.
Madison County
City of Oneida Municipal Bldg.
Mayor’s Conference Room
109 North Main Street
Oneida, NY 13421
Opens: Tuesday, Aug. 6 at 9 a.m.
Hours: Monday – Friday: 9 a.m. to 6 p.m.
Saturday: 9 a.m. to 1 p.m.
Closed: Sunday, Aug. 11
Closing: Tuesday, Aug. 13 at the close of business
Oneida County
Whitesboro Fire Dept.
171 Oriskany Blvd.
Whitesboro, NY 13492
Opens: Tuesday, Aug. 6 at 9 a.m.
Hours: Monday – Friday: 9 a.m. to 6 p.m.
Saturday: 9 a.m. to 1 p.m.
Closed: Sunday, Aug. 11
Closing: Tuesday, Aug. 13 at the close of business
Contact Reinhardt at ereinhardt@cnybj.com
