Were you or your business affected by this summer’s unpredictable weather? You may be eligible to apply for disaster loans from the U.S. Small Business Administration.
Acting Administrator Christopher Pilkerton announced low-interest disaster loans are available to businesses and residents impacted by severe weather and flooding on June 19 and June 20 of this year in New Jersey’s Burlington, Camden, Gloucester, Atlantic, Cumberland, Mercer, Monmouth, Ocean and Salem counties.
New Castle County in Delaware, and Bucks, Delaware and Philadelphia counties in Pennsylvania are also included in the disaster designation, which was requested by New Jersey Gov. Phil Murphy on Aug. 14, the administration said.
Small businesses, small agricultural cooperatives, small entities engaged in aquaculture and most private nonprofit organizations may also be eligible for SBA Economic Injury Disaster Loans to meet working capital needs stifled by the incident, which are available regardless of whether or not a business suffered property damage.
According to a statement from SBA New Jersey Director Al Titone, “[b]usinesses and nonprofits may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.”
The SBA sets loan amount and terms on an individual applicant basis. Interest rates are as low as 4 percent for businesses and 2.75 percent for nonprofit organizations with terms up to 30 years, according to a release from the Murphy administration.
“The SBA is strongly committed to providing the people of New Jersey with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” Pilkerton said in a prepared statement. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
Customer service representatives from the SBA will be available at three Disaster Loan Outreach Centers to provide assistance with applications and answer questions about the program. The centers will operate from Aug. 22 – Aug. 29; Monday – Friday, 10:00 a.m. – 6:00 p.m., and from 10:00 a.m. – 2:00 p.m. on Saturday at:
- The Burlington County Emergency Services Training Center at 53 Academy Drive in Westhampton, Burlington County;
- The Barrington Municipal Building, Mayor/Council Office and Council Room at 229 Trenton Ave. in Barrington, Camden County; and
- The Westville Community Center at 1035 Broadway in Westville, Gloucester County.
The centers will close Aug. 29 at 5:00 p.m.
You can apply online on the SBA’s website here. The deadline to file applications for physical property damage in Oct. 21, 2019; the deadline to file applications for economic injury applications is May 20, 2020.