SBA approves more than $1.1B in loans for Sandy

NEW YORK (AP) — The U.S Small Business Administration has approved more than $1.1 billion in disaster loans to help out residents and business impacted by Superstorm Sandy.

The Oct. 29 storm was one of the worst to strike the Northeast and is blamed for more than 130 deaths and tens of billions of dollars in property damage. On Tuesday night President Barack Obama signed into law a $50.5 billion emergency measure for Superstorm Sandy victims.

The Small Business Administration said Wednesday that Sandy is the third largest disaster in U.S. history in terms of its disaster lending efforts. The agency provided $10.8 billion in disaster loans for Hurricanes Katrina, Rita and Wilma in 2005. It gave $4 billion in disaster loans in 1994 for the Northridge earthquake in California.

More information about the SBA's disaster loan program can be found at www.sba.gov/sandy or by calling the Disaster Customer Service Center at 1-800-659-2955.

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