Many are Still Waiting for SBA Loans for Sandy Relief

sandy relief loans

According to Businessweek, while the SBA has approved over $2.3 billion in loans related to Hurricane Sandy relief, only around $411 million has been distributed, approximately 17% of the total approved amount. The long wait for loans has not significantly alarmed state official in New Jersey, who say they do not doubt the money will make its way to them through the right avenues, if given time.  Red tape on the part of governmental organizations dispersing funds is more or less standard, but may be compounded by the recent news that a Baltimore woman along with an accomplice defrauded the SBA for close to $100 million. With the potential for misuse of funds that are so sorely needed by so many, perhaps officials are right to preach patience. In the wake of the Hurricane, Horizon Business Funding pledged $1,000 donations to the Red Cross for each successfully funded business seeking to rebuild or improve in the wake of the storm. The offer still stands.

Photo credit to Maryland Govpics on Flickr

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