Less than 90 days after Hurricane Sandy struck, the SBA said it approved more than $1.1 billion in disaster loans to 16,800 residents and businesses in the federally declared states affected by the storm.
The milestone comes as Congress passed emergency legislation that will add $799 million to SBA's disaster assistance program budget to help meet the demand for loans from Hurricane Sandy and future disasters, the SBA said Monday.
In terms of SBA disaster lending, Hurricane Sandy is the third largest disaster in U.S. history, followed by Hurricanes Katrina/Rita/Wilma (August/September 2005, $10.8 billion) and the Northridge, Calif., earthquake (January 1994, $4 billion), according to the agency.
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