After Sandy slammed Staten Island, Joseph Del Villar threw every dollar he had into reopening his business, Boulevard Cleaners. Between his personal savings and help from his family, he was able to raise the $100,000 needed to install new washing machines, drywall and pumps.
Now he’s tapped out. Business is running at 50% below pre-storm levels and, after skipping two payments on his house, he has started getting calls from his mortgage company threatening foreclosure. Government assistance would certainly be welcome, but mostly what’s available are loans, and debt is the last thing Mr. Del Villar needs more of.
“I can’t afford to pay what I owe right now,” he said. “What would I do with another loan?”
Mr. Del Villar’s misery is shared by thousands of entrepreneurs throughout the city. It helps explain why fewer than 300 companies have been approved for disaster-recovery loans, even though City Hall estimates that more than 13,000 businesses were affected by Sandy.
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