Last week, Governor Cuomo announced New York residents and businesses affected by the upstate severe storms and flooding can apply for low-interest disaster loans from the U.S. Small Business Administration. The U.S. Small Business Administration (SBA) declared Herkimer, Madison, Montgomery and Oneida Counties a disaster area following severe storms in late June.
Loans up to $200,000 are available to owners to repair or replace damaged or destroyed real estate and owners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. 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.
Business can apply through the SBA’s website.
The number of government-backed small-business loans approved in 2013 more than doubled from the previous year. Data from the Buffalo District Office of the U.S. Small Business Administration, shows that through May, the office approved 440 SBA loans totaling $87.1 million, compared to 200 totaling $32.9 million the year before.
Business First Buffalo has the full story.