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The U.S. Small Business Administration (SBA) has declared a disaster in parts of New York due to a severe hail storm that occurred on May 17, 2025. This declaration allows affected areas, including Albany, Schenectady, Saratoga, and Rensselaer counties, to access low-interest federal disaster loans. These loans are available to small businesses, nurseries, and nonprofits to help cover expenses like fixed debts and payroll that were disrupted by the storm.
According to the SBA, the Economic Injury Disaster Loan (EIDL) program is open to eligible entities that sustained financial losses due to the disaster. The loans can be up to $2 million, with interest rates as low as 4% for small businesses and 3.625% for nonprofits. Payments are deferred for 12 months from the first disbursement.
The disaster declaration also covers additional counties, including Fulton, Hamilton, Montgomery, Warren, and Washington. The Federal Register notes that the deadline for economic injury applications is August 17, 2026.
Governor Kathy Hochul announced the disaster declaration, emphasizing the importance of federal relief in aiding recovery efforts. Governor Hochul stated, "My heart goes out to all those impacted by this tragic fire, and my Administration is committed to supporting the Mount Vernon community as they continue to recover."
For more information on how to apply for these loans, visit sba.gov/disaster or contact the SBA’s Customer Service Center.
