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SBA Loans Following Sandy Exceed $1 Billion

The administration has made 16,800 loans since the hurricane hit New Jersey.

In just three months since Hurricane Sandy struck the East Coast, the U.S. Small Business Administration has approved more than $1.1 billion in disaster loans to residents and business owners affected by the storm.

According to a release from the SBA, approximately 16,700 individuals have received loans, making Sandy the country's third largest disaster in terms of loaned dollars. Currently, Sandy sits behind 2005's Hurricane Katrina and its $10.8 billion in SBA loans, and 1994's Northridge, Calif., earthquake, which totaled $4 billion in loans. Sandy, however, could supplant those disaster totals in the long run.

The SBA also announced recent emergency legislation in Congress that adds $799 million to the administration's disaster assistance program budget. According to a release, $520 million of that total is for disaster loan subsidy costs, which would support $5 billion in SBA disaster loans. Another $249 million will cover administrative costs. Remaining funding will be used for miscellaneous programs.

"Getting money into the hands of individuals and businesses in the aftermath of Hurricane Sandy continues to be one of our top priorities,” SBA Administrator Karen G. Mills said in a release. “My pledge to those affected by the hurricane is that SBA, working together with our local and federal partners, will help you rebuild. I am pleased Congress took the important step of appropriating much-needed funds to help us keep our promise.”

SBA loans have been offered to Sandy victims who might have been ineligible for Federal Emergency Management Agency (FEMA) funding or for those who need more than was available from either FEMA or their insurance carriers. The administration advertises its loans as low-interest, though the rates fluctuate based on a number of factors, including credit rating and income.

Currently, SBA has 2,400 staff members supporting Sandy response in seven states — New York, New Jersey, Connecticut, Rhode Island, Maryland, Virginia and North Carolina — and Puerto Rico.

Sandy victims can still apply for an SBA loan. For more information about SBA’s disaster loan program, visit www.sba.gov/sandy, or call the Disaster Customer Service Center at 1-800-659-2955.

Karen M February 04, 2013 at 03:40 AM
Unless you rent your second home, you will not be eligible for these loans. What a joke. This was told to me by the Fema rep at Lowes and by Stafford Twp.
TMD February 05, 2013 at 12:55 AM
FEMA advised me to apply. So I applied to SBA and was denied because my shore home of 30 yrs. is not my primary residence. I did not expect anything from FEMA but thought I would be able to obtain a loan. SBA says on their website that they are a non-discriminatory agency. I guess discriminating against people who own a second home does not count! This is a disgrace!
proud February 05, 2013 at 11:24 AM
The SBA and also a FEMA employee told me that it is beneficial to have bad credit score and be denied for a loan by the SBA, as they would kick it back to FEMA who then may provide a grant. Or, as Yogi would say: "... it's like FEMA Mae , all over again."
Joe ED P February 05, 2013 at 04:52 PM
TMD same type of issue. We lost a truck doing the storm. Its a 1999 truck with 172,000 worth maybe 4,000 -4,500 I was not expecting a new truck But I applied for Fema ( after calling my car insurance) to get help replacing my truck ( was flooded with salt water to the middle of the windows) with the funds to replace my truck I can tell you the countless people I could help with the type of construction & home repairs I can do. after our denial letter we where informed that we could apply for a loan,,, REALLY A LOAN I never in 30 years had a loan on a vehicle. If I cant afford it I don't buy it. It seems that like any Gvmt. asst It help those who are the least responsible .I pay my car insurance I pay taxes & cant get 4,000$ Iam sure between my wife & I we have well exsisted 4,000 in our lifetime of working & paying taxes
proud February 05, 2013 at 06:12 PM
This is a GREAT Facebook page. It's full of information and proves that the economic impact of the new FEMA regulations and the willingness of the once great State of New Jersey and the municipalities that don't don't fight for their constituencies will destroy the shore..The ramifications will affect all citizens, not just those directly affected: [Stop FEMA now | Facebook www.facebook.com/StopFemaNow facebook/StopFemaNow. Flood-elevation maps will destroy the Shore. www.app.com. Gov. Christie's adoption of the Federal Emergency Management Agency's ...]

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