The U.S. Small Business Administration has approved over $561 million in disaster assistance loans for residents and businesses in New York affected by Hurricane Sandy and over $238 million for residents and businesses in New Jersey, and said it is eager to do more.
"We are pleased to get these loans approved so residents in the disaster area can start to rebuild and resume their normal lives,” said Frank Skaggs, director of the SBA’s Field Operations Center East in Atlanta, in a statement Monday. “However, there are many who have yet to apply. Some survivors are hesitant to take on additional debt or are waiting on insurance. However, waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance.”
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