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SBA offering disaster relief loans to Halloween flood victims

The U.S. Small Business Administration is offering low-interest disaster relief loans to local residents and business owners who were affected by the Halloween floods of 2019.

Posted: Feb 28, 2020 12:01 PM
Updated: Mar 2, 2020 9:26 AM

The U.S. Small Business Administration is offering low-interest disaster relief loans to local residents and business owners who were affected by the Halloween floods of 2019.

The SBA made a disaster declaration for several areas in the state, including Herkimer, Oneida and Otsego counties.

“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Kem Fleming, center director of SBA’s Field Operations Center East in Atlanta.

Interest rates on the loans start at 3.875 percent for businesses, 2.75 percent for nonprofit organizations, and 1.5 percent for homeowners and renters with 30-year terms or less.

Anyone interested in learning more can visit local Disaster Loan Outreach Centers for more information on the disaster loan program and help completing applications.

Applicants can also apply online at: DisasterLoan.sba.gov.

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