The U.S. Small Business Administration announced on Dec. 2, 2015 that federal disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of all sizes located in New Jersey as a result of Hurricane Sandy. SBA’s disaster loans are also available to homeowners and renters.
Businesses can benefit from SBA’s disaster loans for physical losses not covered by insurance, grants or other sources. Additionally, businesses that are still struggling and need working capital should apply for a SBA Economic Injury Disaster Loan (EIDL). These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had Hurricane Sandy not occurred. Homeowners may be eligible to apply to repair or replace disaster damaged real estate. Homeowners and renters may be eligible to apply to repair or replace disaster damaged personal property.
SBA disaster business and home loans are available for Hurricane Sandy survivors for disaster- related uncompensated losses whether they previously applied or never applied. 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.