Butler Announces Economic Injury Disaster Loans For Local Small Businesses

December 21, 2017

Assemblyman Marc W. Butler (R,C,I,Ref-Newport) announces that the U.S. Small Business Administration (SBA) is making available low-interest working capital loans to those affected by the heavy rains that began on April 2, 2017. These loans are intended to assist small businesses, agricultural cooperatives, and nonprofit organizations in Hamilton, Herkimer and Oneida counties, among others.

“Damaging weather can set back a business or nonprofit organization with financial losses that impact a community which rely on the jobs and services these organizations provide,” said Butler. “I am pleased to know that our federal government, specifically the U.S. Small Business Administration, is willing to come alongside those in my district to help make recovery a bit easier with these low-interest loans.”

The loan application may be completed online at: https://disasterloan.sba.gov/ela. The application deadline is August 13, 2018.

The loans are intended to help pay fixed debts, payroll, accounts payable, and other expenses that would have been paid had heavy rain damage not occurred. Loans can be up to $2 million with an interest rate of 3.15 percent for small businesses and 2.5 percent for nonprofits. The SBA makes determinations on eligibility based on applicant size, activity, and financial resources.

More information can be obtained by calling 800-659-2955 and emailing disastercustomerservice@sba.gov.