News Summary
The U.S. Small Business Administration has introduced a federal disaster loan program to assist New York businesses and residents affected by severe storms and flooding. Targeted counties include Chenango, Cortland, Madison, Oneida, Onondaga, Oswego, and Otsego. The program offers substantial loans for businesses and homeowners to repair damages and invest in future storm resilience. An outreach center will be established to facilitate the application process, emphasizing the importance of timely applications for recovery.
Canastota, NY – The U.S. Small Business Administration (SBA) has announced a federal disaster loan program aimed at helping New York businesses and residents severely affected by storms and flooding that occurred on June 22, 2025. This relief initiative follows a request made by New York Governor Kathy Hochul and is set to support affected communities within specific counties.
The disaster loan program is designed to aid businesses, nonprofit organizations, and residents in counties impacted by the recent severe weather. The counties included in this assistance program are Chenango, Cortland, Madison, Oneida, Onondaga, Oswego, and Otsego.
Eligible small businesses and private nonprofit organizations can apply for Business Physical Disaster Loans of up to $2 million. These funds can be utilized for repairing or replacing damaged real estate, machinery, equipment, and inventory. For homeowners, loans of up to $500,000 are available to repair or replace their primary residences. Renters may also apply for loans of up to $100,000 for personal property repairs and replacements.
In addition to these loans, applicants may seek an increase of up to 20% of verified physical damage costs aimed at investing in measures that reduce future storm risks. The SBA also offers Economic Injury Disaster Loans (EIDL) for small businesses facing economic hardship linked to the disaster, independent of any physical property damage. EIDLs are intended to cover payroll, fixed debts, and other expenses that have arisen due to the storm.
Interest rates for small business loans start at a competitive 4%, while private nonprofits can access loans at approximately 3.625%. Homeowners and renters can benefit from even lower rates, as low as 2.813%. Furthermore, loan repayment terms extend up to 30 years, with the advantage of no interest accruing and no payments due for the first year after receiving funding.
The SBA will establish a Disaster Loan Outreach Center (DLOC) in Madison County beginning August 23, 2025. This center, located at 205 South Peterboro Street, Canastota, NY, will assist applicants with the loan process. The DLOC will operate Monday through Friday from 8:30 AM to 5:00 PM and on Saturdays from 10:00 AM to 2:00 PM, remaining closed on Sundays and during Labor Day.
The deadlines for submitting applications for physical damage loans is October 20, 2025, and for economic injury loan applications is May 20, 2026. Business owners must provide thorough documentation of damages and are advised to discuss their losses with their insurance providers to support their claims effectively.
It is important to note that agricultural producers, farmers, and ranchers typically do not qualify for disaster loans unless they are operating small aquaculture ventures. The SBA strongly encourages affected businesses and residents to submit their applications promptly to support their recovery efforts and enhance preparedness for future storms.
For more information about the loan program and the application process, individuals can visit the SBA’s website at sba.gov/disaster.
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Additional Resources
- Small Business Trends: SBA Offers Low Interest Disaster Loans for New York Flood Recovery
- Wikipedia: Disaster Relief
- CNY Homepage: Oneida, Otsego Counties Receive Federal Disaster Loans
- Encyclopedia Britannica: Disaster and Emergency Management
- My Wabash Valley: SBA Loans Still Available for Affected Individuals
- Google News: SBA Disaster Loans
- Fox61: SBA Disaster Loan Deadline Approaching for Connecticut
- Google Search: SBA Disaster Loan Application
Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
