*Portions of this release were furnished by the United States Small Business Authority
GENESEO, N.Y., Sept. 8, 2023 – The United States Small Business Administration recently announced the availability of Economic Injury Disaster Loans in New York State for small businesses, small agricultural cooperatives, small businesses engaged in agriculture and most private non-profit organizations impacted by the frost and freeze that occurred in May 2023.
The declaration covers the primary counties of Albany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Columbia, Cortland, Dutchess, Greene, Jefferson, Onondaga, Ontario, Orleans, Oswego, Otsego, Putnam, Rensselaer, Saratoga, Schenectady, Schoharie, Schuyler, Seneca, Steuben, Tioga, Tompkins, Ulster, Washington, Wayne, Westchester, Yates; and the contiguous counties of Allegany, Bronx, Chenango, Delaware, Erie, Essex, Fulton, Genesee, Hamilton, Herkimer, Lewis, Livingston, Madison, Monroe, Montgomery, Niagara, Oneida, Orange, Rockland, Saint Lawrence, Sullivan, Warren and Wyoming.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities, affected by the same disaster,” said Ed Fears, director of SBA’s Field Operations Center East.
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. Apart from 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 percent for small businesses and 2.375 percent for private nonprofit organizations, with terms up to 30 years. SBA disaster loan borrowers have up to one year from the date of the note to begin making payments. In addition, interest does not begin to accrue until 12 months from the date of the initial loan disbursement and accrues only on the amount disbursed.
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 the SBA’s secure website and should apply under SBA declaration #18091.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or by sending an email to DisasterCustomerService@sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. Submit completed loan applications to SBA no later than April 17, 2024.
About Livingston County:
Founded in 1821, Livingston County, N.Y., is comprised of more than 61,000 residents in 17 towns located across 631 square miles of the Finger Lakes region.
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