“The Islip IDA is here to help businesses grow,” Cochrane said. “That spirit does not go away when faced with a disaster.”
Weeks ago, Town officials worked to secure a local SBA by setting up a satellite office in the Islip IDA headquarters at 40 Nassau Road in Islip. The SBA will be on hand Monday through Friday between 8:00 a.m. and 5:00 p.m. to assist small business owners and entrepreneurs rebuild their businesses that were destroyed by Hurricane Sandy.
“The Small Business Authority has been the backbone for many small businesses. I am glad to see they are here to aid in our recovery efforts,” said Councilman John Cochrane, Jr.
In addition, the Suffolk County IDA is offering an “Emergency Sales Tax Relief Program” for small businesses in dire need of repairs from Hurricane Sandy. This program is meant to wave the sales tax on goods bought for post-hurricane repairs on small businesses so they can get back on sound fiscal footing faster. To see if you qualify, go to the Suffolk County IDA’s website at http://www.suffolkida.org/sandy-reconstruction-assistance/ or call their office at 631-853-4802.
“As a small businessman myself, I know firsthand how hard it is to maintain and grow, much less recover, your business,” the Councilman added.
Additional information for small businesses can be found by calling the Economic Development Department at (631) 224-5512 or reaching Councilman Cochrane’s office at 631-224-5559. Cochrane offered some additional information about federal disaster loans for homeowners, renters, and businesses of all sizes:
♦ SBA offers low-interest disaster loans to homeowners, renters, businesses of all sizes and private, non-profit organizations.
♦SBA disaster loans are the primary source of money to pay for repair or replacement costs not fully covered by insurance or other compensation.
♦ Homeowners may borrow up to $200,000 to repair or replace their primary residence.
♦ Homeowners and renters may borrow up to $40,000 to replace personal property.
♦Businesses may borrow up to $2 million for any combination of property damage or economic injury (financial losses).
♦SBA offers low-interest working capital loans (called Economic Injury Disaster Loans) to small businesses and most private, non-profit organizations having difficulty meeting obligations as a result of the disaster.
THREE WAYS TO APPLY TO SBA
♦ You 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 should first apply for assistance by calling 1-800-621-FEMA (3362).
♦ Apply in person at any Disaster Recovery Center and receive personal, one-on-one help from an SBA Representative.
For information or to find a location near you, call SBA Customer Service Center at (800) 659-2955 or visit our website at: www.sba.gov. Individuals who are deaf and hard-of-hearing may call (800) 877-8339.