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.