Governor Cuomo Announces Low-Interest Loans For Flood Victims

Governor Andrew Cuomo today announced the U.S. Small Business Administration (SBA) has approved his request for a disaster declaration for the counties affected by the June 2013 flooding. Loans up to $200,000 will be available to homeowners to fix or replace damaged real estate. Homeowners and renters will be eligible for loans up to $40,000 in Herkimer, Madison, Montgomery, and Oneida Counties.

"I am pleased that the SBA has approved my request on behalf of these citizens and their communities and will make available low interest loans that will help them rebuild their homes and businesses, Cuomo said. "This is another key component in the overall recovery effort."

For homeowners and renters, interest rates can be as low as 1.875%, 2.875% for non-profit organizations and 4% for businesses with terms up to 30 years.Loan amounts are set by the SBA and are based on applicants financial standing.

For more information, individuals and businesses can call the SBA at 1-800-659-2955 or by visiting the SBA website Here.