Post Hurricane Sandy Business Recovery in Point Lookout NY
Business Update on Hurricane Sandy's impact on Point Lookout, NY
Point Lookout Beach October 29, 2012
Ted Wondsel of Point Lookout, owner of Ted's Fishing Station, assesses the damage on October 30, 2012 in Point Lookout, New York.
A boat sits on the dock at the East Marina in Point Lookout, New York
To our fellow entrepreneurs and chamber members who have put their heart and soul into building their businesses here in Point Lookout and have been impacted by Hurricane Sandy. The Point Lookout Chamber of Commerce is committed to providing resources to those businesses affected by Hurricane Sandy. The Chamber is providing a quick summary of resources available to business owners who are impacted by disaster. The following is short list of benefits that are available along with links to quickly jump to their websites for the details on how to take advantage of them. The good news is that small businesses have a number sources for help.
Low Interest Loans: Both the SBA and the USDA provide low interest loans to business owners to help them repair and replace property and equipment that have been destroyed by the hurricane.
“Disaster can strike at any time, and even the most prepared businesses and business owners can be adversely impacted. If your business has been impacted by a disaster, the SBA can help by providing disaster assistance.
Disaster assistance is money provided to individuals, families and businesses in an area whose property has been damaged or destroyed following a Presidential-declared disaster; and whose losses are not covered by insurance. Loans may be available to businesses that have suffered an economic loss as a result of the disaster. Assistance is available from the Federal Emergency Management Agency (FEMA), the SBA, the Farm Services Agency (FSA) and state governments.”
More information on the disaster assistance available through the U.S. Small Business Administration (SBA) can be found at: http://www.sba.gov/content/disaster-assistance
Economic Injury Disaster Loans: These loans are available for businesses that suffer “substantial economic injury.”² These loans are available for up to $2 million and are designed to help business owners “maintain a reasonable working capital position during the period affected by the disaster.”² The term of the loan is up to 30 years and the interest rate on these loans cannot exceed 4 percent interest if you can’t obtain credit elsewhere, or 8 percent interest if you can obtain credit elsewhere. Additional information about these loans is available at: http://www.sba.gov/content/economic-injury-disaster-loans
Physical Disaster Loans: These loans allow the SBA to loan up to $2 million to “repair or replace damaged real estate, equipment, inventory, and fixtures.”³ The term of the loan is up to 30 years and the interest rate on these loans cannot exceed 4 percent interest if you can’t obtain credit elsewhere, or 8 percent interest if you can obtain credit elsewhere. Additional information about these loans is available at: ³http://www.sba.gov/content/business-physical-disaster-loans
The steps for applying for either the Economic Injury Loan or the Physical Disaster Loan can be found at: http://www.sba.gov/content/applying-disaster-loan
Crisis Counseling Assistance: Counseling services are available through the Crisis Counseling and Assistance and Training Program (CCP). This assistance is paid for by FEMA in areas that the President has declared a major disaster area. There are immediate grants to cover up to 60 days of counseling after the disaster, and grants can cover up to nine full months following a disaster. The stress of going through a disaster is not something to be taken lightly, and counseling assistance can be a substantial help to take advantage of during this difficult time. Additional information on this program can be found at: http://www.fema.gov/additional-assistance