Rochester, New York is the #119 ranked city based on population. 205,077 residents live in Rochester.
Rochester, New York SBA Loans are a type of loan issued by the Small Business Administration (SBA). It provides either term loans or working capital to qualified small businesses through banks and other private lenders.
Rochester, New York was considered a disaster area due to COVID, which allowed Rochester small business owners and those New York residents that qualified to apply.
What are Rochester SBA Disaster Loans (EIDL and PPP)?
Rochester, NY, and all other major cities have multiple SBA loan programs, including the popular Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP).
In Rochester, NY news, the U.S. Small Business Administration (SBA) announced that the deadline to apply for the New York Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic NY disaster declaration has been extended to December 31, 2021.
The Rochester, New York Paycheck Protection Program (PPP) deadline has already expired.
SBA loans are a type of loan given by the US government that must be paid back over a period of time. This is a low-interest debt that the Small Business Administration guarantees. This means that if the borrower defaults on their payment, the federal government will cover it to protect against loss.
These loans are popularly used in business expansion and provide an easy way for a company to receive a loan when they have trouble borrowing from banks or traditional lenders.
What are Rochester SBA Grants?
Rochester, New York SBA grants, unlike loans, do not have to be repaid with interest fees. These grants come from several sources, including the US Department of Education and state governments / agencies that run specific grant programs designed to give employers money to assist with training and education programs.
The SBA loans are also used to recover from financial losses due to COVID and other natural disasters, such as floods, hurricanes, tornados, storms, fires, earthquakes, and other forms of natural disasters in Rochester, New York.
Grants are often awarded to help Rochester, New York small businesses offset the cost of employee training, or they can be used for start-up costs, such as new technology and equipment.
How Do SBA Disaster Loans Work in Rochester, NY?
Rochester, New York banks and private lenders provide SBA loans to small businesses that may not qualify for traditional loans. The Small Business Administration guarantees these loans against default, helping the business obtain financing from a place they couldn’t get it before.
As the loan is guaranteed, the interest rates tend to be lower as well as monthly payments. This makes SBA loans very popular with those who need funding fast but don’t want an expensive payment plan.
In Rochester, New York, many businesses have received this SBA loan help and were able to grow their companies thanks to this assistance from the SBA in NY.
How Many Rochester SBA Disaster Loans Can You Have?
Rochester, New York and Federal law restricts the number of SBA loans that can be issued. This is to help promote competition in the small business lending market and prevent large companies from swallowing up smaller ones.
With some exceptions, the limit for how many SBA 7(a) loans a company can have depends on how much money it has already borrowed.
How Long Do Rochester SBA Loans Take to Process?
The Rochester, New York SBA loan process from application to final approval can take anywhere from three weeks to several months. This is because Rochester city lenders need to make sure everything is in order before committing this size.
While every Rochester, New York company’s situation is different, it typically takes between 7 to 10 days for a company to qualify and be approved for an SBA loan. It is reported that, on average, it takes approximately 9 more days for the funds to go through once you are approved.
How to Apply for Rochester EIDL, PPP, or SBA Loans?
In the past, a business owner would have to go through a lengthy application process and meet certain requirements before being approved for an SBA loan. Now, companies can apply online, in some cases taking less than 10 minutes.
Once you’re approved, it takes about 2 weeks for lenders to fund your account since this is how long it takes for the company’s underwriting department to review everything once they receive all of the necessary documents about you and your Rochester, New York business.
You’ll also need to allow time for any additional documentation that may come up during the approval process, which can add another week or more to this period.
How to Qualify for Grants for a Small Business in Rochester?
Grants are given to companies through both state and federal agencies for several reasons, and based on fund availability. Most commonly, they are employed in matching grants where the company must provide some funding themselves.
Rochester, New York’s small businesses qualify based on their revenue, employees, or even employees that work within specific minority groups or low-income areas.
How to Apply for Small Business Grants in Rochester?
A company can apply for SBA grants by filling out an application for Rochester, New York. In addition, the US government has a listing of all their available grants, including those provided through the SBA.
You’ll need to compose a proposal that explains why you qualify for the money and how much will be used to assist with your business goals. This proposal can include written proposals, presentations, or other presentation material depending on what requires.
The total amount you receive depends on how much money is available for distribution each year, and there may be different rules depending on if it’s federal or state funding.
Nearest Rochester, NY Local SBA Office Address and Contact Information
In New York, there are seven offices:
Nueva York, NY
Long Island, NY
Main SBA Assistance Office:
Niagara Center SBA Office
130 S. Elmwood Avenue Suite 540
New York SBA Telephone and Email Contact Information:
The Buffalo District Office’s operating area includes the 14 westernmost counties of New York State. The District Office located in the state’s second most populous City of Buffalo, has a full service Branch in the state’s third most populous City of Rochester. The two offices are well located so as to provide maximum assistance to the industrial cities in which located plus surrounding suburban communities and the rural counties of the District.
Rochester, New York SBA Office
100 State Street Room 410
Syracuse, New York SBA Office
224 Harrison Street 5th Floor
Albany, New York SBA Office
1 Computer Dr. So.
Elmira, New York SBA Office
333 E. Water Street 4th Floor
Nueva York, New York SBA Office
26 Federal Plaza Suite 3100
New York, NY
The New York District Office is responsible for the delivery of SBA’s many programs and services in New York City, Long Island and the downstate counties of Duchess, Orange, Putnam, Rockland, Sullivan, Ulster and Westchester.
Long Island, New York SBA Office
350 Motor Parkway Suite 109
Rochester, NY SBA Summary and Conclusion
Rochester, New York SBA loans and grants can be a great resource for any company looking to expand its operations, and many Rochester, New York businesses have benefited from this type of SBA financing. Do you think your small business could benefit from an SBA loan? Did you already apply for one? Or, were you turned down for a PPP, EIDL, or other SBA disaster loan in Rochester, New York?
Share your thoughts in the comment section below.
Rochester, New York Small Business Help: Get Loan Assistance for Your Business in Rochester
Was Your Rochester SBA Disaster Loan Denied?
Has your Rochester SBA disaster EIDL loan been denied?
We can assist you in filing for an SBA EIDL loan reconsideration appeal for your business that was affected by COVID in Rochester, New York.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your Rochester, NY business with the SBA Loan Reconsideration Process.
Need an Increase on Your Rochester SBA Disaster Loan?
Did you already receive a Rochester SBA EIDL disaster loan for your business?
We can assist your Rochester, NY business in requesting additional SBA EIDL loan funds through the increase request process.
Schedule Your Free Disaster Loan Consultation to see if we may be able to help your Rochester, NY business with the SBA Increase Request Process.
Cover Image Credit: 123RF.com / AntonioGuillem, IgorBondarenko / Disaster Loan Advisors.