The Small Business Administration has opened a business recovery center in Farmingdale to provide one-on-one help for business owners who want to apply for loans after the destruction caused by superstorm Sandy.
At the center, SBA staff will be on hand to assist business owners with preparing applications for SBA disaster loans and answer other questions.
Business owners can apply for disaster relief loans of up to $2 million from the SBA on four percent interest over a 30 year period. Nonprofits can receive a three percent interest rate. Loan decisions are based on the credit history of each individual business owner.
The business recovery center began operating Friday at 9 a.m. in the Small Business Development Center on the campus of Farmingdale State University off Broad Hollow Road.
The center will be open on weekends from 10 a.m. to 5 p.m., and weekdays from 9 a.m. to 7 p.m. until further notice.