Loan Applications Now Available Sandy-Impacted Businesses

The Stronger NJ Business Loan Program launched today in an effort to help those impacted by Superstorm Sandy, and a business advisor will be available at a One-Stop Career Center in Monmouth County to provide information.

Businesses and non-profit organizations that were impacted by the hurricane can now apply for low-cost loans of up to $5 million per eligible location. Businesses looking to expand within storm-impacted communities can also apply.

Upon approval of the state’s Community Development Block Grant (CDBG) Disaster Recovery Action Plan, Gov. Chris Christie called on the Economic Development Commission (EDC) to administer $460 million of the allocation to assist storm-impacted businesses.

The Stronger NJ Business Loan Program is the second of the CDBG-funded business recovery initiatives to launch. The program will use $100 million of the CDBG allocation.

To be eligible for this program, businesses must be located in one of the nine most impacted counties — Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean or Union counties. Other qualifications include:

1. The business must positively impact the economy of their community through either capital investment or the creation or retention of jobs
2. The business must have evidence of a minimum of $5,000 in physical damage to real property and/or loss or damage of non-perishable and non-consumable inventory. If a business is located outside of the nine most impacted counties, it must meet the $5,000 damage/loss requirement.

Small businesses can apply for loans up to $5 million per eligible location, with zero percent interest for the first 24 months.

The funding can be used for renovation, new construction, equipment and working capital. The maximum working capital loan amount is $500,000.

Non-profits can only apply for construction funds.

To apply, visit www.application.njeda.com/strongernjbusiness. Businesses can call the EDA’s Sandy hotline at 1-855-726-3929.

For more information, visit the One-Stop Career Center to talk to a business advisor, available from 8:30 a.m. to 4:30 p.m. on Tuesdays and Thursdays. The center in Monmouth County is located at 60 Taylor Avenue in Neptune.