On Dec. 2, 2015, the U.S. Small Business Administration announced that federal disaster loans are again available as a result of Hurricane Sandy. These low-interest loans are available to small businesses, most private nonprofit organizations, homeowners and renters located in New Jersey, regardless if they applied during the initial Hurricane Sandy disaster declaration or not. To date, SBA has approved 131 loans totaling $5,099,500.
“We are seeing an increase in the number of applications, which tells us there are still businesses and residents that have Hurricane Sandy related needs and who could use our disaster loan program,” said SBA’s Region II Regional Administrator Kellie LeDet.
LeDet, who oversees SBA’s programs and services for New Jersey, New York, Puerto Rico and the U.S. Virgin Islands, added “The reopening of the SBA disaster declaration for Sandy provides a great opportunity for victims of Superstorm Sandy to get much needed funding at a low interest rate.”
According to LeDet, SBA’s customer service representatives are at Disaster Loan Outreach Centers to provide one-on-one assistance and answer questions. There is no cost to apply and no appointment is necessary. The Union County Center is open until further notice, with location and hours of operation below:
Interest rates are as low as 4 percent for businesses, 3 percent for non-profit organizations, and 1.688 percent for homeowners and renters with terms up to 30 years. Loan amounts 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 https://disasterloan.sba.gov/ela.
Additional details on the locations of recovery centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.
Loan applications can be downloaded from www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Dec. 1, 2016. The deadline to return economic injury applications is Dec. 1, 2016.
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Loan applicants should check with agencies / organizations administering any grant or other assistance program for Hurricane Sandy to determine how an approval of SBA disaster loan might affect their eligibility.
For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.