Low-interest loans are still available to homeowners, renters and businesses hurt by 2012’s Superstorm Sandy—in fact, the U.S. Small Business Administration is actively seeking people who may have been overlooked or rejected at the time.
The Small Business Administration has reopened the application process for New York State residents and businesses that have yet to fully recover. Qualified homeowners can borrow as much as $200,000, plus 20 percent of the cost of mitigation—meaning taking a preventive measure such as building a storm shelter—at rates starting at 1.68 percent. Qualified businesses and nonprofits can borrow as much as $1 million, with interest rates for nonprofits starting at 3 percent and for businesses at 4 percent.
“I’ve seen houses that just seem still in the same position … the family couldn’t handle it at the time,” said Karen A. Knapik, public affairs specialist with the Business Administration’s Office of Disaster Assistance. “I hate to see the houses that people have just walked away from.
“Recently, I have met with several businesses who incurred heavy debt post-Sandy,” Ms. Knapik continued, “and we perhaps we can assist them by providing a lower interest rate with which to pay off their higher-rate current debts.”
As of Monday, the administration had received 573 applications in New York State, mostly from homeowners, and approved a little more than $5.1 million in loans.
The low-interest loans are not being offered for second homes.
The new deadline to submit applications for physical damage and economic injury losses is December 1, 2016. Applications are available at https://disasterloan.sba.gov/ela, or by calling 1-800-659-2955.
Virginia Garrison on Jan 11, 2016