SBA Offers Low Interest Disaster Loans to New Jersey Residents

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STATE – As a result of two disaster declarations approved by SBA’s Administrator Karen G. Mills, applicants in New Jersey may qualify for disaster loans from the U.S. Small Business Administration with interest rates as low as: 2.563 percent for homeowners and renters; 3 percent for non-profit organizations and 4 percent for businesses. These loans are available under disaster declarations for severe storms and flooding that occurred in Northern New Jersey on March 10-17 and in Southern New Jersey on April 16.

Terms can be up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition.

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In Northern New Jersey, the loans are available in Essex, Morris and Passaic counties and the adjacent counties of Bergen, Hudson, Hunterdon, Somerset, Sussex, Union and Warren in New Jersey; and Orange and Rockland counties in New York. In Southern New Jersey, the loans are available in Gloucester County and the adjacent counties of Atlantic, Camden, Cumberland and Salem in New Jersey; New Castle County in Delaware; and the counties of Delaware and Philadelphia in Pennsylvania.

To register by phone, obtain program information or the location and hours of operation of the nearest Disaster Loan Outreach Center call the SBA’s Customer Service Center at 800-659-2955 (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 send an e-mail to disastercustomerservice@sba.gov. Loan applications can also be downloaded from the SBA website at www.sba.gov. Completed applications should be returned to a 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 August 15, 2011. The deadline to return economic injury applications is March 14, 2012.


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