Assistance offered to NY small businesses hurt by drought

Posted at 7:53 AM, Sep 26, 2016
and last updated 2016-09-26 07:53:50-04

The Small Business Administration is offering assistance to eligible small businesses affected by this summer's drought in central and western New York, the Finger Lakes and the Southern Tier.

Gov. Andrew Cuomo says loans of up to $2 million are being offered to small businesses, small agricultural cooperatives and private non-profit organizations that suffered financial losses as a direct result of the drought.

The loan amount can be up to $2 million with interest rates of 2.625 percent for private nonprofit organizations and 4 percent for small businesses. The loans may be used to pay fixed debts, payroll and other bills that could have been paid had the disaster not occurred. The loans are not to replace lost sales or profits.