In the wake of Hurricane Sandy, small business needs all the help it can get. Community Capital New York, a Hawthorne-based nonprofit microfinance agency that serves the Hudson Valley, said it would fast-track small business loans to help community businesses address the devastating effects of Sandy.
President Obama has declared Westchester a federal disaster area, meaning that businesses are eligible for aid from FEMA. But Community Capital Executive Director Kim Jacobs said that the FEMA process may be lengthy, and with the holiday season around the corner, businesses cannot afford to wait.
“A lot of small entrepreneurs are not in great shape going into the holiday season,” Jacobs said. “Going into the holidays, you need to be hitting on all cylinders. That is when businesses make most of their money. They call it Black Friday for a reason. If there is a way we can help them be in great shape, we are eager to find a way to do that.”
Jacobs said that while many businesses did not lose power or incur any damages, their customers did, reducing a business”™s clientele as storm recovery continues.
“There are businesses that never needed a loan in the past but might want one now and didn”™t even know about this resource,” Jacobs said.
To apply for a loan, businesses should first contact Community Capital at (914) 747-8020. Businesses must be in the Hudson Valley, owned by someone over 21 and have a credit score over 600.
After filling out an application, businesses must meet with the company”™s loan committee, and then will hear a decision within 24 hours.
“We work quickly and take an all-hands-on-deck approach,” Jacobs said. “We”™re going to work hard to get you much needed funds and get you back to work restoring your business to sound footing.”
Community Capital provides loans up to $50,000 with an interest rate of 7.75 for terms of up to five years. The funds can be used for equipment, marketing, inventory, working capital, licensing, fees, leasehold improvements and similar expenses.
Jacobs said she has never seen a storm do more damage to businesses than Sandy has. Community Capital serves Westchester, Putnam, Rockland, Orange and Ulster counties.
