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Disaster loans possible in 4 upstate NY counties

Disaster loans possible in 4 upstate NY counties

New York officials say residents of four Mohawk Valley counties can now seek long-term loans from the U.S. Small Business Administration following its disaster declaration from rainstorms and flooding that began in late June.

Individuals and businesses in Herkimer, Madison, Montgomery and Oneida counties can get program information from the agency’s website.

Cuomo administration officials say the disaster loan program provides loans up to $200,000 to homeowners to repair or replace damaged real estate and loans up to $40,000 for homeowners or renters to repair or replace damaged personal property.

They note interest rates are as low as 1.875% for homeowners and renters, 2.875% for non-profit organizations and 4% for businesses, with amounts and terms based on applicant finances.

Copyright 2013 The Associated Press.

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