government

Programs assisting Sandy-struck businesses

Posted 11/20/12

WASHINGTON – For those wiped out by Hurricane Sandy, the Small Business Administration stands ready to help by using three of its programs.

  • Businesses and nonprofit organizations of any size can apply for a low-interest disaster loan of up to $2 million to repair or replace damaged real estate or inventory.

  • Small businesses and nonprofits of any size can apply for Economic Injury Disaster Loans, also up to $2 million. Some businesses made it through the storm, but they’ve lost significant amounts of business. In many cases, these businesses will be eligible for EIDL loans to help cover their working capital needs, regardless of whether the business suffered property damage.

  • Finally, homeowners can apply for loans of up to $200,000 to repair damaged real estate. Homeowners and renters can also apply to borrow up to $40,000 to repair or replace personal property damaged by the storm. In certain cases the figure can be increased up to 20 percent to make structural improvements that lessen the risk of property damage in the future.

    Businesses can apply online at disasterloan.sba.gov.

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