Schumer, Gillibrand Announce SBA Disaster Assistance Now Available to Businesses Statewide Affected By Flooding

Press Release

U.S. Senators Charles. E Schumer and Kirsten Gillibrand today announced that New York businesses affected by last year's flooding, from April 1st through July 8th, 2014, can now apply for low-interest disaster loans through the U.S. Small Business Administration. The SBA offers Economic Injury Disaster Loans (EIDLs) to help small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations. The SBA will accept these applications for emergency federal loans through May 26th.

"After being damaged by last year's flooding, businesses around New York State need the funds to repair and rebuild even stronger than before. The SBA's decision to provide these low-interest disaster loans for businesses impacted by last year's floods is welcome news. This means our small businesses and owners that suffered financial losses during these floods will have access to critical low-interest loans they can use to recover," said Senator Schumer.

"These SBA disaster loans are a welcome and necessary relief for many of the businesses across New York that were hurt by excessive flooding last year," said Senator Gillibrand. "These funds can help give the region's recovery efforts a significant boost and help small businesses get back on their feet."

The loans are allocated to pay fixed debts, payroll and other bills accumulated as a result of the disaster. Total loan amounts are up to $2 million with interest rates of 2.625 percent for private nonprofit organizations and 4 percent for small businesses up to 30 years. The loans are not intended to replace lost sales or profits and terms are based on each applicant's financial situation.

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