The U.S. Small Business Administration is offering low-interest disaster loans to businesses, private nonprofits, and residents affected by severe storms and flooding in New York on June 22, 2025. The SBA issued a disaster declaration following a request from Governor Kathy Hochul on August 18.
The declaration applies to Chenango, Cortland, Madison, Oneida, Onondaga, Oswego, and Otsego counties. Eligible businesses and nonprofits may apply for physical disaster loans up to $2 million to repair or replace damaged property, machinery, inventory, and other assets. Homeowners can borrow up to $500,000 to repair or replace primary residences, and renters may borrow up to $100,000 for personal property such as clothing, furniture, and appliances.
Applicants may also qualify for a loan increase of up to 20% to fund mitigation measures, including structural upgrades to protect against high winds, wind-rated garage doors, or storm shelters. SBA officials encourage applicants to work with contractors to enhance property safety while applying for mitigation loans.
Economic Injury Disaster Loans (EIDLs) are also available to small businesses, small agricultural cooperatives, and private nonprofits experiencing financial losses from the disaster, even if they did not suffer physical damage. EIDLs can be used to cover fixed debts, payroll, accounts payable, and other operating expenses. Agricultural producers, farmers, and ranchers are generally not eligible, except for small aquaculture enterprises.
Interest rates start at 4% for small businesses, 3.625% for nonprofits, and 2.813% for homeowners and renters, with terms up to 30 years. Payments are deferred for 12 months from the first disbursement.
SBA representatives are now available at a Disaster Loan Outreach Center in Madison County to answer questions and help applicants complete their forms. Walk-ins are welcome, and appointments can be scheduled online at appointment.sba.gov.
Disaster Loan Outreach Center (DLOC)
Madison County
The Village of Canastota
205 South Peterboro Street
Canastota, NY 13032
Opening: Saturday, Aug. 23, 11 a.m. to 2 p.m.
Hours: Monday – Friday, 8:30 a.m. to 5 p.m.
Saturday, 10 a.m. to 2 p.m.
Closed: Sunday
Temporarily Closing: Monday, Sept. 1 in observance of Labor Day Holiday
Permanently Closing: Sept. 5 at 4 p.m.
Have all the Finger Lakes news from Finger Lakes News Radio delivered to your email every morning for FREE! Sign up by clicking here
