TRENTON – The Christie Administration announced Thursday that low-interest Small Business Administration loans of up to $200,000 are now available to Passaic, Essex and Morris county homeowners to repair damaged or destroyed real estate, resulting from flooding which took place March 10-17. Homeowners in the adjacent counties of Bergen, Hudson, Hunterdon, Somerset, Sussex, Union and Warren are also eligible to apply for the low-interest loans.
Gloucester County homeowners, and those in the adjacent counties of Atlantic, Camden, Cumberland and Salem are eligible for SBA loans due to flooding which took place on April 16.
Homeowners and renters in all designated and adjacent counties are also eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
“This program will help residents and businesses impacted by the March and April storms meet their long-term recovery needs,” said Governor Christie. “With these low-interest SBA loans, affected New Jerseyans can finally begin the critical process of repairing and rebuilding their lives to regain a sense of normalcy.”
Starting Friday, June 17, SBA’s customer service representatives will be on hand at Disaster Loan Outreach Centers to answer questions about the disaster loan program, explain the process, issue and help individuals complete their applications.
The Centers will be located in the following counties until July 2 and the hours of operation are:
Woodland Park Municipal Building
5 Brophy Lane
Community Room, 2nd floor
Woodland Park NJ 07424
Monday-Friday – 9 a.m. – 5 p.m.
Saturday – 9 a.m. – 1 p.m.
Gloucester County Office of Emergency Management
1200 North Delsea Drive
1st floor Conference Room
Clayton, NJ 08312
Monday-Friday – 9 a.m. – 5 p.m.
Saturday – 9 a.m – 1 p.m.
Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by the SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.
For small businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 5.12 percent for homeowners and renters, 3.25 percent for non-profit organizations and 4.00 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. Special interest rate considerations may be made if the applicant does not have credit available elsewhere.
Individuals and businesses unable to visit the center may obtain information on loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for people with speech or hearing disabilities), Monday through Friday from 8 a.m. to 6 p.m., and Saturday from 9 a.m. to 5:30 p.m. ET, or by sending an e-mail to email@example.com. Business loan applications can also be downloaded from the SBA website 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, TX 76155.
Those affected by the disaster may apply for disaster loans from SBA’s website at https://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical property damage is Aug. 15. The deadline to return economic injury applications is March 14, 2012.
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