Staff Report • Special to www.AllOTSEGO.com
As a result of severe flooding that affected the Butternut Valley area in July, the Small Business Administration is offering low-interest loans to businesses and residents affected by the flooding.
Businesses may borrow up to $2 million for repairs and $200,000 for homeowners to replace and repair real estate as well as $40,000 for personal property.
Interest rates are 2.8% for businesses, 2% for non-profits and 1.6% for homeowners and renters.
SBA administrator Isabella Casillas Guzman made the announcement on Monday, Sept. 13, in response to Governor Kathy Hochul requesting a disaster declaration for Otsego County, which also affects neighboring counties such as Chenango, Delaware, Herkimer and others.
“SBA’s mission-driven team stands ready to help Otsego County’s small businesses and residents impacted by the severe storms and flooding,” Guzman said in a media release. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
A disaster loan outreach center will be set up at the Morris Fire Department starting on Tuesday, Sept. 14, in order to answer questions about applications for the loan program.