In the aftermath of one of the biggest storms the U.S. has ever seen, Northeastern small business owners are working tirelessly to deal with the damage Hurricane Sandy wreaked on their facilities, inventories and bottom lines. Because of the superstorm, many hardworking entrepreneurs were forced to close their doors for a few days, a week, or in some cases longer—which means lost profits. For some, it will be a matter of time until business as usual resumes. But as small business owners continue to recover from this huge setback, the U.S. Small Business Administration (SBA) is standing by to help.
There are a several SBA disaster assistance resources available for East Coast small business owners who were impacted by Sandy. First, businesses and non-profits of all sizes can apply for loans of up to $2 million to deal with physical damage to their businesses. This money can help them repair or replace their buildings and inventory.
Second, the same types of businesses can apply for Economic Injury Disaster Loans (EIDL). Intended to help make up for profits lost while businesses’ doors were closed, these loans are also worth up to $2 million. Regardless of whether their businesses suffered property damage, owners in affected areas are eligible for EIDL loans to help with their working capital needs.
Finally, small business owners who own their homes can apply for loans of up to $200,000 to help fix damaged real estate. Along with renters, these homeowners can also apply for loans worth up to $40,000 to repair or replace damaged personal property. Click here to find out more about your options and apply for assistance.
Immediately following Hurricane Sandy, the SBA began conducting damage assessments for affected businesses. They have a full team ready to mobilize at your beck and call, should you wish to have one of these assessments at your business. You can also get free help filling out applications and outlining plans to rebuild at your local Small Business Development Center. To find the location nearest you, click here.
Our thoughts go out to all the small business owners impacted by Hurricane Sandy. This is a difficult time, but small business owners are inherently resilient and will rebound in time. The SBA can help in many ways, and we hope you’ll join us in letting your fellow entrepreneurs know what resources are available to them.