Mangano Reminds Residents To Apply For SBA Loans

Nassau County Executive Edward P. Mangano, the Federal Emergency Management Agency (FEMA) and the U.S. Small Business Administration (SBA) are strongly urging New Yorkers who have applied for disaster aid to complete and return their SBA loan applications.

To date, the SBA has approved more than $43 million in low-interest disaster loans for New Yorkers who suffered damage from Hurricane Irene and Tropical Storm Lee.

The deadline to apply for SBA disaster assistance loans for Hurricane Irene is October 31st. The SBA application deadline for Tropical Storm Lee is November 14th. The sooner flood survivors complete their applications, the sooner decisions regarding federal aid can be made. Filling out the SBA application is a necessary step in order to be considered for some form of disaster assistance.

SBA disaster loans are the primary source of long-term recovery aid. The application provides necessary information for determining assistance for each applicant. If the SBA is unable to approve a loan, the applicant may be automatically referred to other disaster aid programs.

The SBA low-interest disaster loans are available to qualified renters, property owners, non-profit organizations, and businesses of any size that suffered losses due to the disaster. These loans are designed for disaster survivors not fully covered by insurance or without insurance. Anyone waiting for action from their insurance company is urged to apply – applications can be processed while you are waiting.

Loans can provide money for relocation, refinancing and mitigation projects to reduce the risk of further flood damage. Anyone denied an SBA loan has the right to ask for reconsideration. In many cases, the SBA can, on further review, reverse such a decision. For more information, call the SBA at 1-800-659-2955 or visit the SBA web site at www.sba.gov.