SBA offers disaster loan to Nyack businesses affected by Ida
Businesses in Nyack affected by Ida’s remains received a visit from the Small Business Administration on Tuesday.
Businesses that have suffered storm damage can get help in the form of a low interest SBA disaster loan.
“I’ve seen mostly flooded basements. I think of the BMW store they have, where the roof collapsed,” SBA spokeswoman Liliana Tschanett said.
But now these businesses and nonprofits can borrow up to $ 2 million from the SBA with interest rates as low as 2.8%. The loan also covers the slowdown in sales due to the storm.
“For every business that has closed, another three or five will also close, or they will slow down, so if they see it having an economic impact, they can apply for an economic disaster loan,” Tschanett said. noted.
Antiques Masters did not suffer any major damage, but owner Mohamed Mahmoud was grateful that the SBA shut down.
“It’s a great help in helping small businesses keep us from going down. So it’s amazing,” said Mahmoud.
Business owners can apply online or in person. SBA representatives are stationed at disaster recovery centers, including the one that opened this weekend in Orangeburg.