November 10, 2020 SBA Offers Disaster Assistance to Businesses and Residents of New York Affected by Severe Storms and Flooding
Saratoga County businesses and residents affected by severe storms and flooding on Aug. 24, 2020 can apply for low-interest disaster loans from the SBA. The declaration covers Washington County and the adjacent counties of Essex, Rensselaer, Saratoga and Warren in New York; and the counties of Addison, Bennington and Rutland in Vermont.
SBA Low-Interest Federal Loans for Disaster-Related Damages
PHYSICAL DAMAGES – Businesses of all sizes and nonprofits (Real Estate, Inventory, Equipment, etc.)
ECONOMIC INJURY – Small businesses and nonprofits (working capital, no physical damages needed to apply)
Interest rates as low as: 3 % for businesses, 2.75 % nonprofit organizations. Max. loan, $2 million
HOMEOWNERS: Up to $200,000 for Primary Residence
HOMEOWNERS/RENTERS: Up to $40,000 for Personal Property
Interest rates as low as 1.188 % All loans have repayment terms up to 30 years
For businesses/homeowners, mitigation is available up to 20% of SBA’s verified physical damage amount
FIRST STEP: Apply online with SBA at: DisasterLoanAssistance.sba.gov/
For one-on-one assistance with applying call: (800) 659-2955
Open:Monday –Sunday (7 days/week), 8 a.m. –8 p.m.
Email questions to: FOCE-Help@sba.gov