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SBA approves $2 billion in Superstorm Sandy disaster loans

April 05, 2013|By Adolfo Flores
  • A collapsed house on the New Jersey coast was among the damage wrought by Superstom Sandy.
A collapsed house on the New Jersey coast was among the damage wrought by… (Mike Groll / Associated…)

More than $2 billion in disaster loans was approved by the U.S. Small Business Administration to those affected by Superstorm Sandy, the agency said Friday.

About 32,500 residents and businesses benefited from loans in what the agency called the third-largest natural disaster in the U.S. that it has responded to. The tropical cyclone struck in late October.

“Since Hurricane Sandy struck the East Coast in October, SBA has worked diligently to approve loan applications and get money into the hands of storm victims as quickly as possible,” SBA leader Karen G. Mills said.

As of Friday, more than 30,000 home disaster loans, worth $1.8 billion, were approved. More than 2,500 business disaster loans were approved for a total of $260 million.

Puerto Rico, New York, New Jersey, Connecticut, Rhode Island, Maryland, Virginia, West Virginia and North Carolina received federal disaster declarations as a result of Sandy.


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