The U.S. Small Business Administration reminds disaster victims that April 13 is the filing deadline for federal economic injury disaster loans available in the State of New York. The SBA declared a disaster because of hail, high winds and excessive rain on June 16, 2008.
Small businesses, small agricultural cooperatives, and most private, non-profit organizations in the following counties are eligible to apply: Albany, Bronx, Cattaraugus, Cayuga, Chautauqua, Columbia, Cortland, Delaware, Dutchess, Erie, Fulton, Genesee, Greene, Hamilton, Herkimer, Livingston, Madison, Monroe, Montgomery, Niagara, Onondaga, Ontario, Orange, Orleans, Oswego, Otsego, Putnam, Rensselaer, Rockland, Saratoga, Schenectady, Schoharie, Seneca, Steuben, Sullivan, Ulster, Wayne, Westchester, Wyoming and Yates in the State of New York.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to farm-related and nonfarm-related small business concerns, small agricultural cooperatives and most private, non-profit organizations of all sizes that suffered financial losses as a direct result of this disaster. Farmers and ranchers are not eligible to apply to SBA.
Eligible small businesses, and private non-profit organizations may qualify for loans up to $2 million. These loans are available at a 4 percent interest rate with loan terms up to 30 years. SBA determines eligibility for the program based on the size of the entity, type of activity and its financial resources. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition. Under this disaster declaration, SBA cannot provide loans to agricultural producers.