SBA Working Capital Loans New York

On Aug. 24, SBA reported working capital loans for NY frost, freeze.

  • SBA announced availability of working capital disaster loans available in New York due to Secretary of Agriculture declaration for frost and freeze during May 14 to 25, 2023.
  • Eligibility
  • Economic injury disaster loans (EDILs) are available for small businesses, small agricultural cooperatives, small aquaculture businesses, most nonprofit organizations.
  • Disaster covers NY primary counties of Albany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Columbia, Cortland, Dutchess, Greene, Jefferson, Onondaga.
  • Also, Ontario, Orleans, Oswego, Otsego, Putnam, Rensselaer, Saratoga, Schenectady, Schoharie, Schuyler, Seneca, Steuben, Tioga, Tompkins, Ulster, Washington, Wayne.
  • As well as Westchester, Yates; and contiguous NY counties of Allegany, Bronx, Chenango, Delaware, Erie, Essex, among others are listed in the press release.
  • In addition, Fairfield, Litchfield, CT; Berkshire, MA; Bergen, NJ; Bradford, Erie, McKean, Potter, Susquehanna, Tioga, Warren, Wayne, PA; Addison, Bennington, Rutland, VT.
  • Farm and nonfarm-related entities, aquaculture enterprises that suffered financial losses are eligible to apply, but not agricultural producers, farmers or ranchers.
  • Loan Details
  • Eligible entities can apply for terms of up to 30 years, with loans of up to $2mn, with interest rates of 4% for small businesses, 2.375% for private nonprofit organizations.
  • Such loans can pay fixed debts, payroll, accounts payable, and other bills that could have been paid before disaster occurred but cannot replace profits or lost sales.
  • Application Deadline
  • Eligible entities must submit completed EIDL applications to SBA by Apr. 17, 2024.

Regulators SBA
Entity Types Corp
Reference PR 23-632, Dec 18091, 8/24/2023
Functions BCS; Compliance; Legal; Operations
Countries United States of America
Products Corporate; Loan
Regions Am
Rule Type Final
Rule Date 8/24/2023
Effective Date 4/17/2024
Rule Id 183000
Linked to N/A
Reg. Last Update 8/24/2023
Report Section US Investment

Last substantive update on 08/28/2023