NJ Residents and Businesses Hit Hard By June Storms Can Apply for Loans
New Jersey businesses and residents hit hard by the June 19-20 severe weather and flooding can now apply for low interest disaster loans from the U.S. Small Business Administration, announced Acting Administrator Christopher Pilkerton.
Pilkerton said the loans were made available in response to a letter from New Jersey Governor Phil Murphy on August 14, requesting a disaster declaration by the SBA.
The declaration covers Burlington, Camden and Gloucester counties and the adjacent counties of Atlantic, Cumberland, Mercer, Monmouth, Ocean and Salem in New Jersey, New Castle County in Delaware and Bucks, Delaware and Philadelphia counties in Pennsylvania.
“The SBA is strongly committed to providing the people of New Jersey with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” Pilkerton said. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
SBA Regional Administrator Steve Bulger, who oversees operations for the agency’s Atlantic Region, which encompasses New Jersey, New York, Puerto Rico and the U.S. Virgin Islands said, “SBA’s Customer Service Representatives will be available at the Disaster Loan Outreach Centers that have been set up to answer questions about the disaster loan program and help individuals complete their applications. Those centers will be open thru next Thursday, August 29.”
The closest center to the Jersey Shore is located at the Burlington County Emergency Services Training Center on Academy Drive in Westhampton.
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” SBA’s New Jersey District Director Al Titone said.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.
Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” Kem Fleming, center director of SBA’s Field Operations Center East in Atlanta, said.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes.
Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 4 percent for businesses, 2.75 percent for nonprofit organizations, and 1.938 percent for homeowners and renters with terms up to 30 years.
Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing email@example.com.
Loan applications can also be downloaded at www.sba.gov.
Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth,
The filing deadline to return applications for physical property damage is October 21, 2019.
The deadline to return economic injury applications is May 20, 2020.