Residents who have suffered damages due Hurricane Sandy are encouraged to apply for low-interest disaster loans from the Small Business Administration by the March 1st deadline. While residents can choose not to accept a potential SBA loan offer, applications filed help the federal government determine the level of sustained damages locally and statewide. This information, along with data from FEMA’s Individual Assistance Program, is used to help determine the state’s allocation of Disaster Recovery Funding from the federal Department of Housing and Urban Development. While individuals may choose not to accept a loan, filing the application puts your information in a pool to qualify for grant money, when available, Mayor Gerry Scharfenberger explained.
The quickest way to apply for an SBA disaster home or business loan is filling out an online application at https://disasterloan.sba.gov/ela.
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