SBA Disaster Assistance Information for Businesses, Homeowners and Renters Impacted by Hurricane Sandy
The U.S. Small Business Administration (SBA) has reopened the filing period for survivors in all states affected by Superstorm Sandy on December 2, 2015 to apply for low-interest disaster loans.
Who can apply?
Small businesses, private nonprofit organizations, homeowners and renters in all 21 NJ counties are eligible to apply.
What are the types of loan limits?
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.
Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, may also apply for Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.
What are the loan terms?
Interest rates are as low as 1.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
How can I apply?
Survivors may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
SBA’s Customer Service Representatives are available at these Centers to assist businesses, nonprofit organizations, homeowners and renters in completing their applications. The Center is open until further notice, with location and hours of operations as indicated:
Monmouth Co. Emergency Operations Center
300 Halls Mill Road
Freehold, NJ 07728
Hours: 8:30 a.m. to 4:30 p.m., Monday-Friday
Business counselors at the NJ Small Business Development Centers (SBDC) can assist business owners by preparing the financial statements and help them to submit their SBA disaster loan application. For the locations of the nearest SBDC, visit http://www.njsbdc.com/
When is the filing deadline?
The filing deadline to return applications for physical property damage is December 1, 2016. The deadline to return economic injury applications is December 1, 2016.
Loan applicants should check with agencies / organizations administering any grant or other assistance program under this declaration to determine how an approval of SBA disaster loan might affect their eligibility.
How can I get more information?
Additional details on other 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 email@example.com.
SBA Home Flyer (English and Spanish)
SBA Business Flyer (English and Spanish)
Sandy Flyer - Faith Based Organizations
Sandy Flyer - PNP Organizations
Three Step Process for SBA Disaster Loans
NJ 14565 Fact Sheet English
NJ 14565 Fact Sheet Spanish