NYC Small Business Owners Want Bailouts, Not Loans
Government-subsidized loans not enough for them
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.