Is there a federal agency that businesses affected by Hurricane Sandy can tap for inexpensive loans? That’s a question that surfaces after every major disaster. The answer hasn’t changed: the Small Business Administration, which has lent billions since Katrina through its direct lending programs for disaster victims.
This time around, 30-year, 4 percent loans up to $2 million are available to business owners in federally declared disaster areas in New York, New Jersey, Connecticut, and Rhode Island. They are available to owners whose property was damaged, as well as those whose property wasn’t. Trouble is, few are applying.
