Nov. 15, 2012
U.S. Small Business Administration Administrator
Karen G. Mills
issued the following statement after the announcement of the Presidential disaster declaration for counties in
affected by Hurricane Sandy on
"The U.S. Small Business Administration is strongly committed to providing the people of
with the most effective and customer-focused response possible to assist homeowners, renters, and businesses with federal disaster loans. Getting businesses and communities up and running after a disaster is our highest priority at SBA."
The disaster declaration covers the counties of
, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private non-profit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans:
Disaster loans up to
are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to
to repair or replace disaster damaged or destroyed personal property.
Businesses and private non-profit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.