Business Loan Program Launches in July
In just a few weeks, a new program will start offering low-cost loans of up to $5 million to New Jersey businesses and nonprofits that suffered physical damage as a result of Superstorm Sandy. Businesses looking to expand within storm-impacted communities would also be eligible.
The Stronger NJ Business Loan Program will launch July 1, when potential participants can call 1-855-SANDY-BZ and speak with a representative to get the process rolling.
"Small businesses are the social and economic backbone of so many New Jersey communities," said Governor Chris Christie.
The program will be available to impacted small businesses statewide, with a focus on the nine most impacted counties of Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean and Union.
To be eligible:
- Businesses must have at least one location in New Jersey
- Applicants must be a small business, as defined by the Small Business Administration
- Businesses must have annual revenues of at least $25,000