This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

SBA Hurricane Sandy Loan Approvals Surpass $1 Billion As Congress Makes Additional Funds Available For Recovery

WASHINGTON, Jan. 30, 2013 /PRNewswire-USNewswire/ -- Less than 90 days after Hurricane Sandy struck, the U.S. Small Business Administration has approved more than $1.1 billion in disaster loans to 16,800 residents and businesses in the federally declared states affected by the storm. This milestone comes as Congress passed emergency legislation that will add $799 million to SBA's disaster assistance program budget to help meet the demand for loans from Hurricane Sandy and future disasters.

(Logo: http://photos.prnewswire.com/prnh/20110909/DC65875LOGO)

"Getting money into the hands of individuals and businesses in the aftermath of Hurricane Sandy continues to be one of our top priorities," said SBA Administrator Karen G. Mills.  "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."

Here's how the supplemental appropriations will be used:

  • $520 million for disaster loan subsidy costs, which would support $5 billion in SBA low-interest disaster loans to homeowners, renters, businesses and non-profit organizations;
  • $249 million to cover the administrative costs of SBA disaster loan making and servicing;
  • $20 million to support SBA's resource partners—the Small Business Development Centers, SCORE, Women's and Veterans Business Development Centers—as they provide assistance to businesses rebuilding in the aftermath of Hurricane Sandy;
  • $10 million for additional administrative expenses, which include IT security and financial management costs related to SBA's Hurricane Sandy response.

In terms of SBA disaster lending, Hurricane Sandy is the third largest disaster in U.S. history, followed by Hurricanes Katrina/Rita/Wilma (Aug./ Sept. 2005, $10.8 billion) and the Northridge (CA) earthquake ( Jan. 1994, $4 billion). The SBA currently has a disaster staff of 2,400 supporting the Hurricane Sandy response in seven states ( New York, New Jersey, Connecticut, Rhode Island, Maryland, Virginia, North Carolina) and Puerto Rico, as well as assisting in recovery efforts for other disasters nationwide. 

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.

Release Number: 13-06 Internet Address: http://www.sba.gov/news Follow us on Twitter , Facebook & Blogs

Contact: Carol Chastang (202) 205-6987

SOURCE U.S. Small Business Administration

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs