Small Business

On this page you will find information pertaining to small business assistance.

Last updated on, Saturday, November 3rd, at 7:01 P.M.

The U.S. Small Business Administration announced today the opening of a Business Recovery Center in Brooklyn, NY.  This Center will provide one-on-one help to business owners seeking disaster assistance for losses caused by Hurricane Sandy that began on Oct. 27.

The Center is open as indicated below, until further notice:

The NYC Business Solution Brooklyn Center
9 Bond Street (between Livingston & Fulton Streets)
7th Floor
Brooklyn, NY 1120

Opens:   Tuesday, Nov. 6 at 9 a.m.
Hours:    Weekdays, 9 a.m. to 5 p.m.
              Saturdays, 10 a.m. to 2 p.m.
Closed:  Sundays          

Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.  Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage

Interest rates are as low as 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years.  Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Individuals and business owners who sustained losses in the designated counties in New York can apply for assistance by calling 1-800-621-FEMA (3362).  Disaster assistance applicants, who have a speech disability or hearing loss and use TTY, should call 1-800-462-7585 directly; for those who use 711 or Video Relay Service (VRS), call 1-800-621-3362.  The toll-free telephone numbers will operate from 7 a.m. to 10 p.m. (local time) seven days a week until further notice.  Those in affected areas with access to the internet may register by web enabled mobile device at m.fema.gov, or online at www.disasterassistance.gov. 

Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.  Loan applications can be downloaded from www.sba.gov.  Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is December 31, 2012. The deadline to return economic injury applications is July 31, 2013.