SBA announces loans available for recovery from two weather incidents
(Oct. 2014) U.S. Representative Richard Hanna recenlty announced Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes in several counties in New York’s 22nd Congressional District as a result of two weather incidents.
Under this declaration, the U.S. Small Business Administration’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 directly provide disaster loans to agricultural producers, farmers, or ranchers.
Loans are available for the following events:
– A freeze that occurred from Feb.1 through April 30, 2014: loans are available in the following counties: Chenango, Cortland and Tioga.
– Excessive rain, flooding, high winds and hail that occurred from April 1 through July 8, 2014: loans are available for the following counties: Cortland, Herkimer, Madison, Oneida, Oswego and Tioga.
The loan amount can be up to $2 million with interest rates of 2.6 percent for private non-profit organizations of all sizes and 4 percent for small businesses, 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 https://disasterloan.sba.gov/ela.
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 disastercustomerservice@sba.gov.
Loan applications can be downloaded from www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Completed loan applications must be returned to SBA no later than May 26, 2015.