Some on LI welcome storm recovery loans; others remain skeptical
Businesses could get up to $2 million, homeowners up to $500,000 and renters up to $100,000.
Long Island homeowners and businesses owners whose property was damaged during September's record-breaking rain could qualify for a disaster recovery loan from the state.
On Tuesday, New York announced federal loans to help those in Nassau and Suffolk counties who were inundated by the storm to recover.
Businesses could get up to $2 million, homeowners up to $500,000 and renters up to $100,000.
Colin Soutar, of Baldwin, says he and his family had to pay tens of thousands of dollars of their own money to fix the damage to their home following a sewer backup caused by the storm. He is skepticle about the state's answer.
"We've already spent the money, I don't know how that helps me to take a loan from the government and pay an interest rate on that for something that we didn't do," Soutar says.
The Art League of Long Island in Dix Hills also suffered damage from the storm. Executive director Marianne Della Croce says the possibility of financial help from the government would be welcome after spending $500,000 on repairs from the storm damage.
Those searching for a loan have to have credit history acceptable to the federal government and show that they can repay all the loans.
