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News & Information

SBA Offers Disaster Assistance to New Jersey Businesses and Residents Affected by August Storms

Release Date: October 31, 2018
The declaration covers Ocean and Passaic counties, and the adjacent counties of Atlantic, Bergen, Burlington, Essex, Monmouth, Morris, and Sussex in New Jersey; Orange and Rockland in New York.

SBA Offers Disaster Assistance to New Jersey Businesses and Residents Affected by August Severe Storms and Flooding

Please see the attached SBA disaster assistance news release for New Jersey. New Jersey businesses and residents affected by severe storms and flooding on Aug. 11-13, 2018, can apply for low-interest disaster loans from the U.S. Small Business Administration.

Administrator Linda McMahon made the loans available in response to a letter from Gov. Phil Murphy on Oct. 18, requesting a disaster declaration by the SBA. The declaration covers Ocean and Passaic counties, and the adjacent counties of Atlantic, Bergen, Burlington, Essex, Monmouth, Morris, and Sussex in New Jersey; Orange and Rockland in New York.

"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," said McMahon. "Getting businesses and communities up and running after a disaster is our highest priority at SBA."

SBA's Customer Service Representatives will be available at the Disaster Loan Outreach Center to answer questions about the disaster loan program and help individuals complete their applications.

The Centers are located in the following communities and are open as indicated:

Ocean County

Greenbriar Homeowners Association
1 Derby Circle
Brick, NJ 08753

Opens: Saturday, Oct. 27, 10 a.m. – 2 p.m.
Hours: Monday – Friday, 9 a.m. – 6 p.m.
Sunday, Oct. 28, Closed
Closing: Friday, Nov. 2 at 4 p.m.

Passaic County

Township of Little Falls
225 Main Street
Little Falls, NJ 07424

Opens: Saturday, Oct. 27, 10 a.m. – 2 p.m.
Hours: Monday – Friday, 9 a.m. – 6 p.m.
Sunday, Oct. 28, Closed
Closing: Friday, Nov. 2 at 4 p.m.

"Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets," said SBA's New Jersey District Director Alfred Titone.

NJ 15776 Fact Sheet

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

"Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property," said Kem Fleming, center director of SBA's Field Operations Center East in Atlanta.

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.

Interest rates are as low as 3.675 percent for businesses, 2.5 percent for nonprofit organizations, and 2 percent for homeowners and renters with terms up to 30 years. Loan amount 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 DisasterLoan.sba.gov external link. Businesses and individuals may also obtain information and loan applications by calling the SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov external link. Completed applications should be returned to the centers or 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. 24, 2018. The deadline to return economic injury applications is July 24, 2019.

Please feel free to distribute this release to any of your local contacts, so we can make the widest possible distribution for those affected and those that may be interested. We will provide updated information as it becomes available.

Regards,

Jay MacKenna
Public Affairs Specialist
Field Operations Center - East
U.S. Small Business Administration
101 Marietta St. NW, Suite 700
Atlanta, GA 30303
(404) 331-0333
Fax (202) 481-6263
william.mackenna@sba.gov