Thursday, December 18, 2014

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NY1 For You: Federal Officials Urge Business Owners With Sandy Damages To Apply For Loans

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Hurricane Sandy brought numerous small businesses to the brink of destruction, and while many have fought to stay afloat and some have lost the battle, the federal government is reaching out to those that may still be suffering. NY1's Susan Jhun filed the following NY1 For You report.

The Small Business Administration has provided over 1,000 loans in New York to businesses effected by Hurricane Sandy, collectively amounting to over $109 million. However, officials at SBA say there is still more help for businesses in need.

"We want to continue to build an awareness for the businesses that have not applied for whatever reason," says Matthew Young, a public affairs specialist for SBA.

Whether business owners may be waiting on their insurance or think they cannot afford to pay back a loan, SBA encourages those people who need help to at least apply.

"If we approve a loan, that doesn't mean they have to take the loan or they may not have to take the full amount of the loan," Young says.

To help owners figure out how to rebuild, SBA is partnering with the Small Businesses Centers in New York.

"They can also help a business maybe that we're not able to help to restructure or to plan to go forward in the future," Young says.

The deadline for people to get their SBA disaster assistance loan applications in for physical damages is March 29, and for small business Economic Injury Disaster Loans the deadline is July 31.

SBA still has staff at all the disaster and business recovery centers. For more information, call 1-800-659-2955 or visit

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