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January 31, 2013
SBA Hurricane Sandy
Loan Approvals Surpass $1 Billion
Less than 90 days
after Hurricane Sandy struck, the US
Small Business Administration has
approved more than $1.1 billion in
disaster loans to 16,800 residents
and businesses in the federally
declared states affected by the
storm. This milestone comes as
Congress passed emergency
legislation that will add $799
million to SBA’s disaster assistance
program budget to help meet the
demand for loans from Hurricane
Sandy and future disasters.
“Getting money
into the hands of individuals and
businesses in the aftermath of
Hurricane Sandy continues to be one
of our top priorities,” said SBA
Administrator Karen G. Mills.
“My pledge to those affected by the
hurricane is that SBA, working
together with our local and federal
partners, will help you rebuild.
I am pleased Congress took the
important step of appropriating
much-needed funds to help us keep
our promise.”
Here’s how the
supplemental appropriations will be
used:
- $520 million for disaster
loan subsidy costs, which would
support $5 billion in SBA
low-interest disaster loans to
homeowners, renters, businesses
and non-profit organizations;
- $249 million to cover the
administrative costs of SBA
disaster loan making and
servicing;
- $20 million to support SBA’s
resource partners—the Small
Business Development Centers,
SCORE, Women’s and Veterans
Business Development Centers—as
they provide assistance to
businesses rebuilding in the
aftermath of Hurricane Sandy;
- $10 million for additional
administrative expenses, which
include IT security and
financial management costs
related to SBA’s Hurricane Sandy
response.
According to SBA
New Jersey District Director Al
Titone, the agency has approved
4,894 Sandy disaster loans
throughout New Jersey for $344
million . Of that total, 4,578
loans went to New Jersey homeowners
and renter for $311 million. A
total of 316 loans went to
businesses for a total of $33
million. "Clearly our work is not
done,” said Titone. “Now that the
deadline for applying for Hurricane
Sandy assistance has been extended
to March 1, I cannot stress enough
how important it is for those
affected by the storm to register
for assistance as soon as possible.”
In terms of SBA
disaster lending, Hurricane Sandy is
the third largest disaster in US
history, followed by Hurricanes
Katrina/Rita/Wilma (Aug./Sept. 2005,
$10.8 billion) and the Northridge
(CA) earthquake (Jan. 1994, $4
billion). The SBA currently has a
disaster staff of 2,400 supporting
the Hurricane Sandy response in
seven states (New York, New Jersey,
Connecticut, Rhode Island, Maryland,
Virginia, North Carolina) and Puerto
Rico, as well as assisting in
recovery efforts for other disasters
nationwide.
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