• Rebuilding Your Business Post-Sandy


  • In the wake of Superstorm Sandy, many Westchester companies lost power, telephone and Internet service -- along with thousands of dollars a day. But there are steps local business owners can take to get help...

    Sandy's Impact: The storm cost about $20 billion in lost business activity.

    1. To apply for aid or assistance from the Federal Emergency Management Agency (FEMA), visit www.fema.gov/apply-assistance. You can apply online at disasterassistance.gov, or call (800) 621-3362. You can also apply via smart phone at m.fema.gov.

    2. The Small Business Administration (SBA) will assist companies located in Federal disaster areas, such as Westchester and Fairfield counties. SBA is offering 30-year working capital loans, ranging from 4% to 8% interest. The loans will be made directly by the SBA, which hopes to have two-week turnaround on the loans.

    For more information on available programs, how to apply for loans, and program expiration dates, go to www.sba.gov/disaster or call the SBA disaster assistance center at 1-800-659-2955.

    3. Recognizing that recent events have had a significant impact on the need for small business owners to access credit, Community Capital New York, an SBA-approved “micro-lender” in Westchester and the Hudson Valley, will provide loans up to $50,000 at reasonable interest rates (currently 7.75%) for terms of up to five years. The funds can be used for equipment, marketing, inventory, working capital, licensing, fees, leasehold improvements and similar expenses. Interested business owners can get more information by contacting Small Business Lending Manager, Simone Obermaier at 914.747.8020 ext. 10, or by visiting www.ccrhv.org

    4. The Westchester County Disaster Recovery Fund will provide aid not covered by insurance, and will be administered by the United Way of Westchester and Putnam. For more information, visit: www.UWWP.org.

    Moody's Analytics, a economic research firm, puts storm losses at $49.9 billion. About $30 billion of that loss comes from physical storm damage, with the rest coming from lost business activity. Despite the size of the loss, however, Moody's indicates the drag on the economy will be temporary, with rebuilding and recovery activity quickly making up for much of the economic damage from the storm.

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