SBA APPROVED MORE THAN $2 BILLION IN DISASTER LOANS TO BUSINESSES AFFECTED BY HURRICANE SANDY

FROM: U.S. SMALL BUSINESS ADMINISTRATION
SBA Hurricane Sandy Loan Approvals Surpass $2 Billion

Application deadlines extended in New York and New Jersey

WASHINGTON –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 (NY, NJ, CT, RI, MD, VA, WV, NC) 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.