Small Business

Less than 6 percent of federal Sandy cash has reached NYC businesses: report

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Hundreds of New York City business owners whose storefronts were damaged by Hurricane Sandy more than a year ago are still waiting for federal aid.

More than 330 small businesses have applied for the federally funded NYC Hurricane Sandy Loan & Grant, a $42 million program that offers loans of up to $150,000 at a 1 percent interest rate, along with grants of up to $60,000, DNAinfo reports.

So far, only eight business owners have received any money, according to the city's Department of Small Business Services, the agency that is administering the program. Those eight businesses have received a total of $2.5 million—5.6 percent of the total $42 million program, according to the story, citing the SBS.

While business owners say SBS workers have been helpful through the application process, most merchants have received no money so far since Hurricane Sandy hit in October 2012.

SBS and mayor's office officials told DNAinfo they're working with the U.S. Department of Housing and Urban Development to try and get the loan and grants out more quickly.

Go here for the full story.