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Business

Quick loans for Sandy storm victims

Small business owners hurt by superstorm Sandy can apply for $10,000, preliminary grants from a state program while their applications for full grants of $50,000 or more are being processed. The grants from New York's Small Business Storm Recovery will require only a portion of the paperwork required for a full grant. Business owners must still submit a full grant application within 60 days of receiving the $10,000. The "expedited" grants will be officially announced Friday. Business owners who suffered damage from Sandy last year, and Hurricane Irene and Tropical Storm Lee in 2011, are eligible for the grants. The state decided to hand out preliminary grants because many owners have found it difficult to rebuild and run their businesses and come up with all the documentation required for the full grants, a state official said.

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