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Federal government offering disaster loans to NY businesses

Julia Botero

ALBANY, N.Y. — The federal Small Business Administration is offering disaster loans to New York businesses hurt by the months-long drought.

The loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations in the state. The program is aimed at entities that suffered financial losses as a direct result of the drought, which began in late May.

Agricultural producers, farmers or ranchers are not eligible, but tree nurseries are.

One of the hardest-hit areas includes Clinton, Essex, Franklin, Hamilton and Saint Lawrence counties in northeastern New York.

Loans can total up to $2 million and may be used to pay fixed debts, payroll, accounts payable, and other bills. The loans are not intended to replace lost sales or profits.

More information is available at : disasterloan.sba.gov/ela.