Small-business owners that need financial assistance due to hurricane Sandy should tap disaster recovery loans from the Small Business Administration. The low-interest loans may be used to repair or replace real estate, machinery, equipment, inventory and other business assets that have been damaged or destroyed in a “declared disaster”. The two main types of disaster recovery loans for small businesses are “Business Physical Disaster Loans” and “Economic Injury Disaster Loans”. The maximum amount of assistance available for each type of loan is $2 million. For businesses that have no other access to credit the maximum interest rate is 4 percent and the repayment term can be as long as 30 years.
Learn more at SBA.gov.
Other Resources for Small Businesses: