Gold Coast Bank Offering Rebuilding Loans for Businesses

Ed Lynch Wednesday, November 7, 2012

Many small businesses have been devasted along Long Island. Some of these businesses are going to either have to close for good, or have to relocate off the Island. This would not only be bad for the business owners, but also tragic for the economy throughout our close knit communities. Thankfully, Gold Coast Bank has stepped forward in an effort to help these businesses get their feet back under them.

The bank has stepped forward to announce on Wednesday that it will offer more than $1 million in “Sandy Relief Loans” to Long Island businesses affected by the recent superstorm. Gold Coast will be making relief loans of up to $100,000 with a 3.9 percent fixed interest rate over 3½ years. In contrast to this a Small Business Administration disaster loans typically offer a 4 percent interest rate.

As a way to continue helping with these small business loans, those who take advantage of this will not have to pay any interest rates for the first six months of the loan. There will be a flat fee of processing the loan of $500.

Bank board member John King said of this effort, "Local restaurants, including many that have been mainstays in our communities, have to rebuild their entire facility -- and they need to keep their staff employed in the process. Without additional cash flow this could be catastrophic for many.”

Under normal circumstances, businesses would have to provide up to three years of financial records in order to quality for a loan such as this. However, due to these devastating circumstances, the bank is waving that and only requiring one year's worth of financial records.

Gold Coast chief executive Joe Perri says that the bank is trying to make things as easy as possible for small businesses to get back up and running as soon as they can. He even said that they will go out to them if that would help.

Edwardl@longislandyellowpages.com

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