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SBA Hurricane Sandy loan approvals surpass $2 billion

by jmaloni

Press release

Fri, Apr 5th 2013 01:20 pm

Application deadlines extended in New York and New Jersey

The U.S. Small Business Administration has approved more than $2 billion in disaster loans to 32,500 residents and businesses in states affected by Hurricane Sandy - further expanding SBA's response to what is already the third largest natural disaster in U.S. history for the agency. This milestone comes as the deadlines to file applications for physical disaster loans are extended in New York (April 13) and New Jersey (May 1).

"Since Hurricane Sandy struck the East Coast in October, SBA has worked diligently to approve loan applications and get money into the hands of storm victims as quickly as possible," said SBA Administrator Karen G. Mills. "We remain committed to helping those individuals and communities affected by Hurricane Sandy rebuild stronger and to providing support for long-term recovery."

After Hurricane Sandy hit, eight states (N.Y., N.J., Conn., R.I., Md., Va., W.V., N.C.) and Puerto Rico received federal disaster declarations. As of April 5, more than 30,000 home disaster loans had been approved for a total of $1.8 billion. More than 2,500 business disaster loans have been approved for $260 million.

New York and New Jersey residents and businesses affected by Hurricane Sandy are encouraged to first register with FEMA at 1-800-621-FEMA (3362), or TTY 800-462-7585 for the speech and hearing impaired. Those unable to qualify for SBA assistance may be referred to FEMA for grant consideration.

If you have already received an SBA disaster loan application, return it as soon as possible. If you need help filling out the application, SBA staffers are available to provide individual assistance at one of the local recovery centers. You can also apply online via SBA's secure website at https://disasterloan.sba.gov/ela.

Additional details on the locations of Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [email protected]. For more information about SBA's disaster loan program, visit www.sba.gov/sandy.

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