Looking for help getting your business back on its feet after Hurricane Sandy?
The Small Business Administration has some options to help with both the physical damage and the hit your business has taken from power outages, ruined inventory and lost profits from being unable to open for customers.
First, check that the SBA has declared your area a disaster. (You can consult the list and sign up for updates.)
You have three options. (Warning: none of them are intended to replace lost sales or profits.)
1. You can apply for a low-interest disaster loan (usually four percent, with terms up to 30 years) of up to $2 million to repair or replace damaged real estate or inventory.
2. Whether or not you suffered property damage, you can apply for an Economic Injury Disaster Loan, also up to $2 million. This can be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred.
3. Homeowners can apply for loans of up to $200,000 to fix damaged real estate, and $40,000 to repair or replace personal property damaged by the storm. These loans sometimes can be up to 20 percent larger if your plan is to make structural improvements that lessen your risk of damage should there be a future disaster.
As of Nov. 7, says the SBA, more than 292,607 disaster survivors from Connecticut, New York and New Jersey have applied for assistance.
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