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Following President Joseph Biden’s disaster declaration approval stemming from a July storm, the U.S. Small Business Administration (SBA) announced Aug. 21 that disaster loans are available to impacted residents, businesses and private nonprofit organizations in parts of New Jersey.

In late July, Gov. Phil Murphy requested federal aid for both New Jersey and Warren County following a severe weather event that ripped through the state July 15. As NJBIZ reported earlier this month, Biden signed off on the request, which set the stage for the SBA to provide resources to those impacted.

Starting Aug. 23, SBA is opening a Disaster Loan Outreach Center at the Warren County Library in Belvidere. At that center, which will remain open until Sept. 6, SBA customer service representatives will be on hand to answer questions about the disaster loan program, the application process and more. No appointment is necessary.

“SBA’s mission-driven team stands ready to help New Jersey businesses and residents impacted by severe storms and flooding,” said Administrator Isabella Casillas Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets, according to SBA. For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofits of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.

Disaster loans of up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles. SBA says it can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize future disaster damage.

SBA disaster loan borrowers have up to one year from the date of the note to begin making payments. Interest rates are as low as 4% for businesses, 2.375% for private nonprofits, and 2.5% for homeowners and renters with terms of up to 30 years.

Applicants can apply online here using the SBA declaration #18086.

The deadline to apply for property damage is Oct. 17, 2023; the deadline to apply for economic injury is May 20, 2024.

“As we continue to encounter increasingly dangerous storms due to climate change, it’s important that we protect and support our small businesses and residents affected by these severe weather events,” said Murphy. “I am grateful to the Biden Administration for approving our FEMA Major Disaster Declaration and appreciate SBA’s assistance in providing these folks financial support as they continue to recover from the storms that hit our state earlier this summer. With the aid provided from the Disaster Declaration, Warren County will be able to build back stronger.”