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News of Otsego County

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Otsego County to receive low interest disaster relief loans for Butternut Valley flooding in July

Otsego County to receive low interest disaster relief loans for Butternut Valley flooding in July

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.

 

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