Governor Kathy Hochul has formally asked the U.S. Small Business Administration for a Physical Disaster Declaration covering the July 2026 flooding that impacted a swath of communities in New York's Capital Region. The declaration would enable the SBA to make disaster loans available to businesses, nonprofit organizations and homeowners that suffered damage during the recent floods.
The request is aimed at expanding access to low‑interest, long‑term financing for those whose properties or operations were harmed by the water. By securing a physical disaster declaration, the governor hopes to streamline the application process and ensure that eligible entities can receive the financial assistance needed to repair, rebuild, or replace damaged assets.
The counties included in the declaration request are Columbia, Rensselaer, Albany, Saratoga, Washington, Dutchess, Greene and Ulster. These eight jurisdictions experienced varying degrees of flooding, with some areas reporting significant property loss, road closures, and disruption to local services.
July’s heavy rains and resulting river overflow left a trail of damage across the region, prompting concerns from local officials about the economic and social toll on residents and community groups. The governor’s move follows assessments that indicate many small businesses and charitable organizations lack the reserves to recover without external aid.
Under the SBA’s disaster loan program, qualified applicants can receive loans that cover repairs, equipment replacement, and other costs associated with flood damage. The loans are typically offered at rates below market levels and feature repayment terms that can extend up to 30 years, providing a more manageable path to recovery.
The SBA will review the governor’s request and determine whether to issue the physical disaster declaration. If approved, the agency will begin processing applications from eligible parties in the listed counties, offering a crucial source of funding to help restore the affected communities.