Financial markets remain quite strained and credit conditions tight. Overall, the outlook for economic activity has weakened further."Meanwhile, inflationary pressures have diminished appreciably. In particular, the committee anticipates that weak economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time."The focus of the committee's policy going forward will be to support the functioning of financial markets and stimulate the economy through open market operations and other measures that sustain the size of the Federal Reserve's balance sheet at a high level. As previously announced, over the next few quarters the Federal Reserve will purchase large quantities of agency debt and mortgage-backed securities to provide support to the mortgage and housing markets, and it stands ready to expand its purchases of agency debt and mortgage-backed securities as conditions warrant."The committee is also evaluating the potential benefits of purchasing longer-term Treasury securities. Early next year, the Federal Reserve will also implement the Term Asset-Backed Securities Loan Facility to facilitate the extension of credit to households and small businesses. The Federal Reserve will continue to consider ways of using its balance sheet to further support credit markets and economic activity."(Reporting by Ros Krasny; Editing by Kenneth Barry) Economy. ATLANTA(Business Wire)The U.S.
Small Business Administration announces today that federal economicinjury disaster loans are available to small businesses, small agriculturalcooperatives and most private, non-profit organizations of all sizes located inthe State of New York as a result of excessive rain, high winds, flooding, flashflooding, hail and lightning that occurred on May 1 and continuing. These loans are available in the following counties: Allegany, Albany, Broome,Cattaraugus, Cayuga, Chenango, Clinton, Columbia, Cortland, Delaware, Dutchess,Essex, Franklin, Fulton, Greene, Hamilton, Herkimer, Jefferson, Lewis,Livingston, Madison, Monroe, Montgomery, Oneida, Onondaga, Ontario, Orange,Oswego, Otsego, Putnam, Rensselaer, Rockland, Saint Lawrence, Saratoga,Schenectady, Schoharie, Schuyler, Seneca, Steuben, Sullivan, Tioga, Tompkins,Ulster, Warren, Washington, Wayne, Wyoming and Yates. Under this declaration, the SBAs Economic Injury Disaster Loan program isavailable to farm-related and nonfarm-related small business concerns, smallagricultural cooperatives, and most private, non-profit organizations of allsizes that suffered financial losses as a direct result of this disaster.Farmers and ranchers are not eligible to apply to SBA. Eligible small businesses and non-profit organizations may qualify for loans upto $2 million. These loans are available at a 4 percent interest rate with loanterms up to 30 years. The SBA determines eligibility based on the size of theapplicant, type of activity and its financial resources. Loan amounts and termsare set by the SBA and are based on each applicants financial condition.
Underthis disaster declaration, the SBA cannot provide loans to agriculturalproducers. Disaster victims should contact the SBAs Customer Service Center by calling1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Fridayfrom 8 a.m to 9 p.m., and Saturday 9 a.m to 9 p.m. EST or by emailing ourcustomer service center at . Loan applicationscan be downloaded from the SBAs website at Completed applications should be mailedto: U.S. Victims may visit SBAs secure Web site at toapply for disaster loans. Completed loan applications must be returned to SBA no later than August 24,2009.For more information about the SBAs Disaster Loan Programs, visit our websiteat Number: 09-230, NY 11623 U.S.