Several months after Hurricane Sandy devastated many parts of the Northeast, many eligible small businesses have failed to take advantage of the numerous assistance programs made available by federal, state and local agencies. Many businesses that have applied are facing delays because documents containing important information were lost as part of the Hurricane.
The Small Business Administration has approved only 164 applications for its emergency assistance program, which offers $2 million loans at 4 percent amortized over 30 years. New York City’s Department of Small Business has only approved 224 applications for assistance out of an estimated 13,000 eligible businesses. New Jersey’s Hudson County Economic Development Corporation has only received a single application for its assistance program offering up to $25,000 at 2 percent interest.
Read the full article at WNYC News.
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