Sandy Recovery Loans Available from Feds

Homeowners and small business owners can apply for low-interest loans to aid their recovery from the storm. The deadline for damage-related loans is December 31.

The federal government is offering low-interest loans to owners of homes and small businesses in Bergen County for damage or other losses related to Hurricane Sandy.

The Small Business Administration is offering loans of up to $200,000 to homeowners for damage sustained during the storm, according to SBA rep Cynthia Cowell. Loans of up to $40,000 are avalaible for damage to other property. Interest rates for the program run as low as 1.688 percent.

Loans of up to $2 million are also available for small businesses, Cowell said. These can be for damage, but can also be for assistance in recovering from power outages or other storm-related problems that caused a loss of income. Interest rates for businesses run as low as 4 percent.

The deadline to apply for damage-related loans is December 31. Cowell said residents should not wait for their insurance claims or applications to FEMA to be resolved before applying. 

The SBA has set up offices in Hackensack to assist those looking for storm recovery loans. Homeowners can visit them on the fourth floor of the Bergen County Administration Building at 1 Bergen County Plaza. Business owners should visit the SBA office at 355 Main Street, also in Hackensack.

Anyone interested in applying for one of the loans can also visit the SBA website or call (800) 659-2955.

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