Superstorm Sandy

NYC Small Business Owners Want Bailouts, Not Loans

Government-subsidized loans not enough for them

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More than 100 business owners jammed into a standing-room-only meeting Thursday afternoon in the Red Hook neighborhood of Brooklyn to hear New York City officials describe the relief assistance available to entrepreneurs who saw their restaurants, stores, warehouses and other businesses devastated this week by Sandy's flooding.

Over and over, city representatives repeated one word: loans. The U.S. Small Business Administration offers low-interest disaster loans of up to $2 million over terms as long as 30 years. The loans are financed directly by the government and capped at a 4% interest rate.

H/T Gojira

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  1. Yay my first hat-tip! And the people rejoiced!

  2. Well, there’s a case about ruined property and providing such assistance as opportunity to get a loan and get into the debt isn’t the best option for small business owners. Government can provide some help for free, maybe it will not be large amounts of money, but that will be also okay. Because some business owners just do not want to make debts and are looking for help and more available solutions. Sandy isn’t a government’s fault and they are not responsible for that, but there should be some mercy and understanding for those who may loose a business and source of income due to the hurricane.
    Jennifer from http://paydaydesk.com/

  3. Well, there’s a case about ruined property and providing such assistance as opportunity to get a loan and get into the debt isn’t the best option for small business owners. Government can provide some help for free, maybe it will not be large amounts of money, but that will be also okay. Because some business owners just do not want to make debts and are looking for help and more available solutions. Sandy isn’t a government’s fault and they are not responsible for that, but there should be some mercy and understanding for those who may loose a business and source of income due to the hurricane.

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