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Robert Longley

SBA Offers Hurricane Sandy Recovery Loans

By November 7, 2012

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The U.S. Small Business Administration (SBA) is now offering disaster recovery loans to business owners, home owners and renters who suffered losses due to Hurricane Sandy in the States of New York, New Jersey and Connecticut.

Victims in counties declared disaster areas in the states of New York, New Jersey and Connecticut can apply for Home Disaster Loans, Business Physical Disaster Loans and Economic Injury Disaster Loans (EIDLs).

Home Disaster Loans are offered to homeowners and renters to repair or replace property owned by the victim. Renters can apply for loans to replace personal property, including automobiles.

Business Physical Disaster Loans are available to all sizes of businesses and private non-profit organizations to repair or replace storm-damaged property owned by the business or non-profit.

Economic Injury Disaster Loans help small businesses and non-profits meet their financial obligations while recovering from federally-declared disasters.

Applicants for all loans must have an acceptable credit history and show that they can repay the loan.

Interest rates for business recover loans range from 4.0% to 6.0%, depending on the availability of non-SBA credit. Interest rates for home recovery loans range from 1.688% to 3.375%, depending on the availability of non-SBA credit.

Deadlines: The deadline to apply for home and business damage recovery loans is December 31, 2012. The deadline to apply for economic injury loans (EIDLs) is July 31, 2013.

How to Apply: For more information, contact SBA's Disaster Assistance Customer Service Center by calling (800) 659-2955, or emailing disastercustomerservice@sba.gov. Deaf and hard-of-hearing individuals may call (800) 877-8339. Applicants may also apply online using the Electronic Loan Application (ELA) via SBA's secure Website at https://disasterloan.sba.gov/ela.

Also See:
Money for a Small Business
Truth About Small Business Grants

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