Twin counties offering loans for businesses impacted by flooding

CATSKILL―Greene County Economic Development Corporation (GCEDC) is partnering with Columbia Economic Development Corporation (CEDC) to provide financial resources to eligible flood-impacted small businesses in both Greene and Columbia counties through the Rapid Recovery Microloan Program.

On Wednesday, Greene County experienced some of the worst flood damage seen since Tropical Storm Irene in 2011. Up to 10 inches of rain fell across the county in a roughly 24 hour period, leaving roads damaged or impassable and properties inundated with water.

The Rapid Recovery Microloan Program offers expedited five-year microloans of up to $15,000 at a 3.75% interest rate to help businesses recover from recent flooding, stabilize operations, and fund critical repairs. Small businesses that have experienced physical damage, business interruption, or other flood-related financial hardships may be eligible for financing designed to bridge the gap while insurance claims, state assistance, or other recovery resources are being pursued.

"Our local businesses are resilient, but recovering from a disaster often requires immediate access to capital," said James Hannahs, executive director of the Greene County Economic Development Corporation. "We're grateful to partner with CEDC to make this emergency financing available to eligible businesses in Greene County."

"CEDC stands ready to support the businesses that drive our regional economy," added Jonathan Spampinato, president and CEO of Columbia Economic Development Corporation.

"We understand that cash flow disruptions and unexpected repair costs can threaten the viability of even the strongest businesses following a natural disaster. Our goal is to provide fast, accessible financing that helps business owners recover, rebuild, and emerge from this challenge stronger than before,” Spampinato said.

Eligible businesses interested in learning more or applying for assistance should contact Columbia Economic Development Corporation by emailing Loans@columbiaedc.com or calling 518-828-4718.

Residents are also being asked to self-report property damage sustained at their homes and businesses as a result of Wednesday’s severe flooding through the Individual Assistance Damage Self Report Tool. Developed by New York State, it is used to collect information that may help State and local officials identify supplemental damages for potential requests for available federal assistance programs. A link can be found here.

Farms and agribusinesses affected by the recent flooding are additionally being asked to report any damage to the state Department of Agriculture and Markets Agriculture Sector Disaster Damage Portal. These early assessments help Ag and Markets request resources to help with recovery. A link can be found here.