Businesses and private property owners that are affected due to flooding caused by tropical storm Irene have started to receive funding streams from Barack Obama’s Administration. Federal Small Business Administration has made low interest loans available to businesses that are either physically or economically damaged due to flooding in April and May in counties like Washington, Warren and Saratoga.
The agency has also opened up funding for area businesses that saw an economic loss due to flooding caused by Irene last week. The disaster declaration of the SBA is also meant to encompass the localized Memorial Day flash floods as it caused millions of dollars of damage to Warren county towns like Thurman and Stony Creek.
Irene declaration focuses on New York counties, Essex County and severely damaged towns like Keene and Pittsfield. Loans ranging up-to $2 million are available to affected businesses in the hardest hit areas from the tropical storm. SBA declaration makes low-interest loans available to small businesses and nonprofits in Warren, Washington, Saratoga and Hamilton counties that have sustained economic injury due to the storms.
Federal Emergency Management Agency FEMA has started providing assistance for disaster late last week for the private property owners in Warren County that are affected by Irene. Property owners can apply $200,000 in loans having interest rate as low as 2.68 percent. Loan amount of up-to $40,000 are made available to homeowners whose property sustained damages. Interest rate for SBA business loan can be as low as 3 percent and 4 percent respectably.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org