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Yates County flood victims eligible for disaster loans

Rochester Business Journal
June 20, 2014

Homeowners, renters and business owners in Yates County and contiguous counties affected by last month’s heavy rains and floods are eligible for low-interest disaster loans, officials announced Friday.

The U.S. Small Business Administration will provide qualified homeowners and renters with loans of up to $40,000 to replace personal property, and up to $200,000 to homeowners to repair, replace or clean up damaged homes, officials said.

Business owners can receive up to $2 million to repair damaged businesses.

Interest rates are set quarterly but currently can be as low as 2.188 percent for homeowners and as low as 4 percent for business owners.

Yates County was deemed eligible for the loans by the U.S. Small Business Administration because of physical damage to at least 25 homes or business structures in excess of 40 percent of the uninsured value, officials said.

Contiguous counties also eligible are Ontario, Seneca, Schuyler and Steuben, officials said.

The SBA will set up a temporary office in Yates County to coordinate the loan process.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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