SBA Approved Only One Out Four Small Business Loans In Wake Of Superstorm Sandy

SBA-Approved-Only One-Out-Four-Small-Business-Loans-In-Wake-Of-Superstorm-Sandy-ImagesWhile the government has issued some funding to the areas hit hardest by Hurricane Sandy, many small business owners say that they’re still waiting for loans they assumed would have been approved by now.  The U.S. Small Business Administration has only approved one out of every four loans to small business owners – and some say the SBA is simply dragging its feet.

SBA Loan Applications

According to the Washington Post, in addition to the meager 25% of SBA loan approvals, it has taken the administration an average of 43 days to review applications from companies hit by Superstorm Sandy.  That’s simply not good enough according to Rep. Nydia M. Velázquez (D-N.Y.).

“After natural disasters, local economies are often decimated and it is vital that the small business sector be revitalized quickly.” Rep. Velázquez said in a statement. ”For a business struggling after a hurricane, getting an immediate infusion of emergency capital can make the difference between staying in business or going under.”

Many New Yorkers echo her sentiment.  Although states hit by Hurricane Sandy will soon receive $50 billion in disaster recovery relief, getting that money was an uphill battle.  It was only after the governors of the states criticized Congress for stalling recovery efforts that the funds were approved.

Who’s On Your Side?

While state residents have governors to speak up for them, homeowners who still haven’t received legitimate insurance proceeds are likely wondering who’s on their side.  If your homeowners’ insurance company has yet to settle your claim, there’s a strong possibility that you’ve been the victim of bad faith insurance practices.

The insurance claims lawyers at Belluck & Fox know how insurance companies operate and can help you to get the compensation you deserve.  We’re on your side.