Residents and Businesses Affected by these Storms Can Apply for Low-Interest Disaster Loans from the U.S. Small Business Administration

Governor Andrew M. Cuomo today announced the U.S. Small Business Administration has granted his request for a Physical Disaster Declaration for Cayuga, Oneida, Rensselaer, and Wyoming Counties and the contiguous counties of Albany, Allegany, Cattaraugus, Columbia, Cortland, Erie, Genesee, Greene, Herkimer, Lewis, Livingston, Madison, Onondaga, Oswego, Otsego, Saratoga, Seneca, Tompkins, Washington, and Wayne following a weather system that brought severe storms and flash flooding from excessive rainfall that quickly overwhelmed roadways, homes and businesses from July 1 through July 24, 2017. The Governor requested that these loans be made available in a letter to the SBA on February 5, 2018 after FEMA denied the state’s appeal for a major disaster declaration on January 26.

“As extreme weather becomes the new normal, homes and businesses are faced with increasing risks – especially in flood-prone areas,” Governor Cuomo said. “These loans will help New Yorkers impacted by the flooding last summer rebuild their livelihoods and their communities.”

SBA loans are often helpful when eligible homeowners, renters, businesses, and others need financial support following emergencies or weather-related disasters. Following the flooding, staff from the SBA, the New York State Division of Homeland Security and Emergency Services, and leadership from the declared counties conducted a thorough assessment of the damages related to this incident. This assessment confirmed that there was major damage in these four counties to 65 homes, 38 businesses, and two nonprofits totaling $3,496,400 in damages. Minor damage occurred to 176 homes, 18 businesses, and four non-profits totaling $1,851,000 in damages.

The following groups may be eligible for help from SBA loans for the following:

  • Homeowners: up to $200,000 to repair or replace damaged or destroyed real estate
  • Homeowners and renters: up to $40,000 to repair or replace damaged or destroyed personal property
  • Business owners: up to $2 million for the replacement of real estate, inventories, machinery, equipment, and other physical losses
  • Businesses and non-profits: Economic Injury Disaster Loans of up to $2 million to provide necessary working capital until normal operations resume after a disaster

DHSES Commissioner Roger L. Parrino said, “I am pleased that SBA has granted Governor Cuomo’s request for low interest loans for those who have suffered losses from these storms and flooding. This is an example of local, state, and federal governments working together to help communities rebuild and recover.”

Interest rates can be as low as 1.938 percent for homeowners and renters, 2.5 percent for non-profit organizations and 3.215 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Individuals and businesses may apply online using the Electronic Loan Application via SBA’s secure website at

Individuals and businesses may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 or 1-800-877-8339 for the deaf and hard-of-hearing, or by emailing Loan applications can also be downloaded at Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is April 16, 2018. The deadline to return economic injury applications is November 13, 2018.