Small business owners who are affected by Hurricane Sandy should start seeking financial assistance in form of ‘disaster recovery loans‘ from SBA. The agency grants low interest loans that can be used to repair machinery and equipment, for real estate purpose and to purchase inventory. The type of assistance available to individuals and families are detailed below:
Rental payments – For homes that are devastated by Sandy, initial assistance of three months is available for homeowners and one month for renters. However, assistance can be extended based on an individual applicant’s requirements.
Unemployment payments – Workers who lost jobs temporarily due to disaster and who cannot qualify for state benefits like the self-employed workers can receive payments for up-to 26 weeks.
Serious Disaster Related Needs – SBA grants loans to people who are in need of funds to meet serious disaster related expenses such as dental, medical, funeral, transportation and so on.
Small Business loans – For small businesses, small agricultural cooperatives and most private, non-profit organizations, loans up-to $2 million are available to entrepreneurs. Businesses that suffered disaster related cash flow problems and are in need of funds as working capital, can find the $2 million grant to be very useful.
Residential losses loans – For residential losses that are not fully compensated by insurance, low interest loans are available. For primary residence, $200,000 in loan grants are available. For personal property, $40,000 in grants are available. For business property losses, loans of up-to $2 million are available.
Other relief loans: For farmers, ranchers, and aquaculture operators, loans up-to $500,000 are made available so as to give coverage to production and property losses.
These are some emergency measures taken to provide immediate relief to Sandy victims. More, assistance may be in the pipeline that the President may be announcing shortly. Sandy is considered to be a major disaster that has hit the States of U.S. So, urgent relief measures are undertaken to help the victims.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to firstname.lastname@example.org