UNION COUNTY – Eligible small businesses that were damaged by Superstorm Sandy can still apply for a low interest loan under the Storm Recovery Loan program, the Union County Board of Chosen Freeholders. This special loan program aims to help local businesses that may not qualify for a conventional loan. The loan limit, which was previously set at $15,000, has also been raised to $25,000.
The Storm Loan Initiative is administered by the nonprofit Union County Economic Development Corporation (UCEDC), made possible by a generous grant from Investors Bank.
“If you have any questions about your eligibility, I encourage you to get in touch with UCEDC and find out if you qualify for a low interest loan,” said Union County Freeholder Chairman Linda Carter. “Thanks to Investors Bank, there is a helping hand for eligible members of Union County’s small business community.”
In addition to the structural damage typically associated with destructive storms, a Storm Recovery Loan can be used to help cover other expenses such as the cost of replacing lost inventory or damaged equipment.
Many small businesses throughout the county have already taken advantage of the program. A veterinarian in Fanwood, for example, was able to use a Storm Recovery Loan to replace lost medicines and supplies, while an accountant and tax preparer in Linden used it to fill a gap in insurance coverage and replace damaged signage and computer equipment.
To be eligible, applicants must be in business for at two least years and be profitable before Superstorm Sandy struck. The loan program consists of a 2% rate for five years, with no collateral, application or processing fees involved.
For information about the Storm Recovery Loan program and other loan programs at UCEDC, business owners can call 1-908-527-1166 or visit ucedc.com.
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