Small Business Administration Offers Disaster Relief in Wake of June 22 Storms

OSWEGO COUNTY – The U.S. Small Business Administration (SBA) announced last week that low interest federal disaster loans are now available to provide some relief to New York businesses, private non-profits and residents affected by the severe storms and flooding that occurred on June 22 of this year.

The SBA issued a disaster declaration on Aug. 21 which covers Oswego County along with the counties of Chenango, Cortland, Madison, Oneida, Onondaga and Otsego.

Customer service representatives are now temporarily available at the Disaster Loan Outreach Center (DLOC) in Madison County to answer questions about the agency’s disaster loan program, explain the application process and help individuals complete their application.

Walk-ins are accepted, but applicants can schedule an in-person appointment in advance at www.appointment.sba.gov.

DLOC is located at 205 S. Peterboro St., Canastota, N.Y. 13032. The center will be open Monday through Friday from 8:30 a.m. to 5 p.m. and Saturdays from 10 a.m. to 2 p.m. It will be closed on Monday, Sept. 1 in observance of the Labor Day holiday and close permanently on Friday, Sept. 5 at 4 p.m.

The filing deadline to return applications for physical property damage is Monday, Oct. 20. The deadline to return economic injury applications is May 20, 2026.

Small businesses and private non-profits are eligible for both physical damage loans and Economic Injury Disaster Loans (EIDLs) from the SBA. They may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Homeowners and renters are also eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.

“One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades which reduce the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s mitigation loans.”

SBA’s EIDL program is available to small businesses, small agricultural cooperatives and private non-profit (PNP) organizations with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

Interest rates are as low as 4% for small businesses, 3.625% for private non-profits, and 2.813% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.

Disaster survivors should not wait to settle with their insurance company before applying for a disaster loan. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.

To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at 1-800-659-2955 or email [email protected] for more information on SBA disaster assistance.

For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

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About the U.S. Small Business Administration:

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

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