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Long Island’s Gold Coast Bank Expediting Loan Process To Help Storm Victims

Mona Goodman, Long Beach City Council Vice President, cleans up flood waters at her home after Hurricane Irene swept through on August 28, 2011 in Long Beach, New York. (Photo by Mike Stobe/Getty Images)

Mona Goodman, Long Beach City Council Vice President, cleans up flood waters at her home after Hurricane Irene swept through on August 28, 2011 in Long Beach, New York. (Photo by Mike Stobe/Getty Images)

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LONG ISLAND, NY (WCBS 880) – One Long Island bank is expediting the loan process to help with home repairs caused by Irene.

LISTEN: WCBS 880’s Sophia Hall reports

Normally, it takes a week or more to find out if you have been approved for a home equity loan. But on Long Island at Gold Coast Bank, President Joseph Peri said they are speeding up the process so the emergency loans will be approved faster.

“As a small bank, we marshaled the whole bank behind this product,” said Peri. “We can give you an answer in 72 hours.”

Perri said the loans are at a rate of 3.5 percent and will help cover what insurance does not after the storm.

FEMA also offers assistance programs for property owners hit hard by the storm. The various programs include grants for individuals whose insurance doesn’t cover property damage to free legal assistance to disaster victims.

For a full list, click here.

Gov. Andrew Cuomo said the damage caused to the state from Tropical Storm Irene will total $1 billion.