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Federal Government Still Offering Disaster Loans For Sandy

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The federal Small Business Administration is still processing low-interest loans for Superstorm Sandy.

The SBA has re-opened the disaster loan filing period for businesses and residents and already has approved more than $8.5 million for 242 businesses and residents in affected areas.

The SBA revised the disaster deadline in New York, Connecticut, Maryland, North Carolina, New Jersey, Rhode Island, Virginia, West Virginia and Puerto Rico. The period for filing runs until Dec. 1.

Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Interest rates are as low as 4 percent for businesses, 3 percent for non-profit organizations, and 1.688 percent for homeowners and renters, with terms up to 30 years.

Copyright 2016 The Associated Press. All rights reserved.

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