The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit organizations in New York of the upcoming June 9 deadline to apply for federal disaster loans. These loans aim to offset economic losses resulting from severe storms, tornadoes, and flooding that occurred on July 10, 2024.
This disaster declaration affects several counties in New York: Clinton, Essex, Franklin, Hamilton, Herkimer, Jefferson, Lewis, Oneida, Oswego, St. Lawrence, Warren, and Washington. It also includes Addison and Chittenden counties in Vermont.
Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is accessible to small businesses and private nonprofits offering non-critical governmental services that experienced financial setbacks due to the disaster. Eligible organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
These EIDLs are designed for working capital needs caused by the disaster and are available even if no physical damage occurred to the business or organization. The funds can be used for fixed debts such as payroll and accounts payable.
"SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster," said Chris Stallings of the SBA's Office of Disaster Recovery and Resilience. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster."
The loan amounts can reach up to $2 million with interest rates set at 4% for small businesses and 3.25% for private nonprofit organizations over terms up to 30 years. Eligibility is determined by applicant size, activity type, and financial resources.
Applications can be submitted online at sba.gov/disaster or through contact with SBA’s Customer Service Center via phone or email. For those who require telecommunications relay services due to hearing or speech disabilities should dial 7-1-1.
The deadline for returning economic injury applications is June 9.