A message from Michelle Catan, Advanced Certified Senior Business Advisor
NYS Small Business Development Center
New York State has been designated a disaster state by SBA and they are now making Economic Injury Disaster Loans available to businesses in all of NewYork State. The basics of the loans are:
Up to $2M per business
3.75% fixed rate for businesses
2.75% fixed rate for not for profit businesses up to 30 year terms
5 month deferment for the first payment
loans up to $25,000 do NOT require collateral
loans over $25,000 will require collateral
Documentation is required
Payments will come directly from the US Treasury
Our understanding is that there is a 21 day expected approval timeline but no timeline for the funds to be disbursed
Loans are available to those businesses that cannot obtain financing elsewhere
Funds cannot be used to repay debt but for working capital purposes only
There are different applications based on your business entity (sole proprietor vs LLC or Corporation).
Attached are some details about the SBA Economic Injury Disaster Loan Program. Here is a link to the SBA website for additional details.
The SBDC is here to help you prepare and apply for these SBA disaster loan funds. We NO NOT charge any fees with the assistance of this application. If you have other business questions we are here to help answer those as well. I can be reached via this email or my cell at 607-435-8828.
Thank you – Michelle Catan
Advanced Certified Senior Business Advisor
NYS Small Business Development Center
Binghamton University
189 Main St, Fifth Floor Suite 500
Oneonta, NY 13820
(607) 435-8228
BOOK AN APPOINTMENT AT:
https://michelle-catan.appointlet.com
If you have additional questions, this information was passed on to me from Allen Ruffles, Otsego County Treasurer. You may reach out to him at (607)-547-4234
