San Francisco, CA (PRWEB) December 01, 2012
New York Governor Andrew Cuomo has announced a loan program for small businesses affected by Hurricane Sandy, which is offering up to $25,000 in loans at 1 percent interest rates. The loans will be interest and payment free for the first six months, and must be repaid within 30 months.
This $10 million emergency loan program is being offered through an agreement between the New York Bankers Association (NYBA) and the New York Business Development Corp (NYBDC). Eligible businesses must be independently owned and operated, have less than 100 employees, have filed a 2011 business tax return, have experienced direct economic hardship and/or damage as a result of the hurricane, and be located in one of the regions which have been declared disaster areas (Orange, Putnam, Rockland, Sullivan, Ulster, Westchester, Nassau and Suffolk counties, plus the five boroughs of New York City).
Applications for the new loans are expected to be available by the end of November and funding will be expedited so that it is available to borrowers within 5-7 business days from submitting the application and necessary documentation. Affected small business owners can get more information by calling 855-NYS-SANDY or by going online to the NY Empire State Development website. There are also additional loan programs that are being offered by a variety of organizations and information about those can also be found at the NY Empire State Development website.
"This loan program will help those businesses who were hit hardest by the storm get the resources they need to repair immediately, allowing them to continue to provide jobs to our communities and strength to our economy," Cuomo said in a statement.
Those businesses eligible to receive the loans may use the proceeds as working capital or to cover the cost of replacing or repairing damaged equipment and facilities.
In addition to this New York emergency loan program, the U.S. Small Business Administration (SBA) is offering low interest loans to small business that need to rebuild. These federally sponsored loans are being offered by the SBA in conjunction with the Federal Emergency Management Agency (FEMA). Information about the SBA/FEMA sponsored loans can be found at http://www.sba.gov/content/2012-hurricane-and-tropical-storm-recovery-assistance-information.
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