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Small Business Administration to offer disaster assistance loans to small businesses in New York

Posted at 8:40 AM, Mar 20, 2020

BUFFALO, N.Y. (WKBW) — The Small Business Administration will offer low-interest federal disaster loans to small businesses in New York state.

The SBA says these loans will be available to small business owners in every New York county.

“SBA is strongly committed to providing the most effective and customer-focused response possible to assist New York small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus (COVID-19),” said Small Business Administrator Jovita Carranza.

The interest rate would be 3.75 percent for small businesses and 2.75 percent for private nonprofits.

"Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred," Carranza said.

You can apply here or by calling (800) 659-2955.