ATLANTA--The U.S. Small Business Administration announces today that federal disaster loans are available to small businesses located in the state of New York as a result of drought that occurred May 1, 2007 and continuing.
These loans are available to small businesses located in the following primary counties in the state of New York: Chautauqua, Erie, Genesee, Jefferson, Lewis, Monroe and Ontario. In addition, small businesses located in the following contiguous counties in the state of New York may apply:
Cattaraugus, Herkimer, Livingston, Niagara, Oneida, Orleans, Oswego, Seneca, St. Lawrence, Steuben, Wayne, Wyoming and Yates.
Under this declaration, SBA's Economic Injury Disaster Loan program is available to farm-related and nonfarm-related small business concerns and small agricultural cooperatives that suffered financial losses as a direct result of this disaster. Farmers and ranchers are not eligible to apply to SBA, but nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
Small Business Administration
www.sba.gov
Eligible small businesses may qualify for loans up to $1.5 million.
These loans are available at a 4 percent interest rate with loan terms up
to 30 years. SBA determines eligibility for the program based on the size
and type of business and its financial resources. Loan amounts and terms
are set by the SBA and are based upon each applicant's financial condition.
Under this disaster declaration, the SBA cannot provide loans to
agricultural producers.
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