Deadline approaching for Sandy-relief loans

 

BEVERLEA WALZ PHOTO | Hurricane Sandy left many Bridge Street businesses —and others Island-wide — severely damaged. Time is running out to get help from the U.S. Small Business Administration.

Shelter Island business owners and others affected by Hurricane Sandy have just one week left to secure a disaster loan from the U.S. Small Business Administration.

The deadline to apply for 30-year loans of up to $2 million is March 29, SBA officials said.

“The loans can serve as bridge money for business owners fighting it out with their insurance companies,” said SBA spokesman John Oliver Frederick.

The loans are not limited to people whose businesses suffered physical damage. Economic injury loans are available to those who experienced a decline in business as a direct result of the storm. Interest rates on the loans for small businesses are between 4 and 6 percent — and as low as 3 percent for nonprofits.

The SBA also offers home disaster loans of up to $200,000 for homeowners or renters who had to repair or replace disaster-damaged real estate or personal property. Interest rates on the home disaster loans range from 1.7 to 3.4 percent.

More than $1.2 billion in federal disaster assistance was approved for Sandy victims in New York, including $61 million dedicated for Suffolk County, according to the Federal Emergency Management Agency. Of the seven counties receiving disaster aid, Suffolk was awarded the fifth most. Nassau County topped the list at $269 million, FEMA officials said.

Island residents and business owners interested in applying for a loan can do so online at sba.gov.

For more information call 800-659-2955. Business recovery centers have been set up at Islip Town Hall and Copiague Public Library, where applicants can meet with an SBA representative.
gparpan@timesreview.com

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