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Report: Sandy’s fallout affecting small business

Local News | Apr 22, 2014

Report: Sandy’s fallout affecting small business

NEW YORK (AP) — The Federal Reserve Bank of New York says a third of small businesses in tri-state Superstorm Sandy disaster areas reported financial losses a year later.

The findings were released Monday. The online poll was conducted from Oct. 10 to Dec. 31, 2013.

It looked at businesses in New York City, New York’s Hudson Valley, New Jersey and coastal Connecticut with fewer than 500 employees in sectors including manufacturing, retail, construction, real estate, leisure and hospitality.

Of those sustaining economic losses, 22 percent reported they totaled more than $100,000.

Sixty-one percent reported operating at a profit or breaking even.

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