Islandia-based Gold Coast Bank announced Wednesday that it will offer more than $1 million in “Sandy Relief Loans” to Long Island businesses affected by the recent superstorm.
The bank is making relief loans of up to $100,000 with a 3.9 percent fixed interest rate over 3½ years, the company said. Small Business Administration disaster loans typically offer a 4 percent interest rate.
For the first six months, recipients of the bank's relief loans will pay interest only. The flat fee for the loan processing is $500.
Helping “businesses get back up and running,” is crucial, said bank board member John King, chief customer officer of J. Kings.
“Local restaurants, including many that have been mainstays in our communities, have to rebuild their entire facility -- and they need to keep their staff employed in the process,” King said. “Without additional cash flow this could be catastrophic for many.”
Gold Coast chief executive Joe Perri emphasized that the loan process has been simplified. Normally businesses have to provide three years of financial information, but for these loans the bank is requiring one year of financial information.
“We have made the whole process simpler so that the owner can go back to focusing on the recovery of their business,” Perri said. “We’ll even go to them if that makes it easier.”
For more information, call 631-233-8600.
Photo: A kayaker paddles near Seabreeze Cafe in Babylon Village, which remains flooded after superstorm Sandy barreled through the area with heavy winds and a high storm surge. (Oct. 30, 2012)