SBA offers disaster loan to Nyack businesses impacted by Ida

Businesses that incurred damages from the storm can get help in the form of a low-interest disaster loan from the SBA.

News 12 Staff

Oct 5, 2021, 9:37 PM

Updated 927 days ago

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Nyack businesses impacted by the remnants of Ida received got a visit from the Small Business Administration on Tuesday.
Businesses that incurred damages from the storm can get help in the form of a low-interest disaster loan from the SBA.
"I've seen basements that they were flooded mostly. I believe the BMW store that they have, where the roof collapsed," said SBA Spokesperson Liliana Tschanett.
But now those businesses and nonprofits rebuilding can borrow up to $2 million from the SBA with interest rates as low as 2.8%. The loan also covers slowed sales stemming from the storm.
"For every business that closed, three others or five others are going to close as well, or they're going to slow down, so if they see that they have economic impact, they can apply for an economic injury disaster loan," Tschanett said.
Antiques Masters didn't suffer major damage, but owner Mohamed Mahmoud was grateful the SBA stopped by.
"This is a great help to help the small businessesband help us from not going under. So, it's amazing," Mahmoud said.
Business owners can either apply online or in-person. SBA representatives are stationed at disaster recovery centers, including the one that opened over the weekend in Orangeburg.
The SBA is also offering disaster loans to homeowners and renters. To apply, click on the link.


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