Deadline Approaching in New York for SBA Working Capital Loans

The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations that Oct. 4 is the filing deadline for federal economic injury disaster loans in Orange County, New York as a result of the combined effects of excessive rain, moisture and storm-force winds from Hurricane Florence occurring July 20 through Sept. 27, 2018.

“This county is eligible because it is contiguous to one or more primary counties in New Jersey.  The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” said Kem Fleming, director of SBA’s Field Operations Center East in Atlanta.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.  With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.   

The loans are for working capital and can be up to $2 million.  Interest rates are 3.61 percent for eligible small businesses and 2.5 percent for nonprofit organizations, with terms up to 30 years. 

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at Disasterloan.sba.gov.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.  Loan applications can be downloaded from the SBA’s website at sba.gov.  Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. 

Completed loan applications must be returned to SBA no later than Oct. 4, 2019.

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