Many business owners have complained about the SBA's stringent guidelines for business-disaster loan approval.
"Since Hurricane Sandy struck the East Coast in October, SBA has worked diligently to approve loan applications and get money into the hands of storm victims as quickly as possible," SBA Administrator Karen Mills said in the release Friday. "We remain committed to helping those individuals and communities affected by Hurricane Sandy rebuild stronger and to providing support for long-term recovery."
To qualify for a disaster loan, the SBA reviews the applicant's repayment ability, credit and overall financial situation to make a decision on the loan approval. Businesses must show repayment ability to qualify for the disaster loan, and the business must be located in the county that was declared a federal disaster area, the SBA says.
The announcement comes as the deadlines to file applications for physical disaster loans are extended again in New York to April 13 and New Jersey to May 1.-- Written by Laurie Kulikowski in New York. Follow @LKulikowski To contact Laurie Kulikowski, send an email to: Laurie.Kulikowski@thestreet.com. >To submit a news tip, email: email@example.com.
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