President Obama releases funds to business victims of Hurricane Irene

Hurricane Irene left certain businesses with repairs that may have exceeded bankroll limitations, but President Obama's administration released funds to aid in repairing those affected by the storm, PostStar reports.

The Small Business Administration is offering low-interest loans for business owners whose operations or facilities were damaged from Irene.

Flash Floods and wind caused billions of dollars in damage along the Eastern Coast, so businesses could not have asked for better timing to receive these funds.

"Getting businesses and communities up and running after a disaster is our highest priority at SBA," SBA Administrator Karen Mills said in a release.

Small businesses can borrow up to $2 million and private property owners may apply for up to $200,000.

According to the Office of Advocacy, small businesses have generated more than 60 percent of all new jobs over the past 15 years. President Obama has reiterated the importance of small business innovation to job growth throughout his campaign and presidency. Recovery aid for East Coast businesses is thus essential to helping the struggling job market.