APPLICATIONS NOW AVAILABLE FOR STRONGER NJ BUSINESS LOAN PROGRAM

Business Advisors Located at One-Stop Centers to Offer Personal Assistance

Following Governor Chris Christie’s announcement last month, the Stronger NJ Business Loan Program officially launched today.  Businesses and non-profits that were impacted by Superstorm Sandy, as well as businesses looking to expand within storm-impacted communities, can now apply for low-cost loans of up to $5 million per eligible location by visiting application.njeda.com/strongernjbusiness.  Businesses can also call EDA’s Sandy hotline at 1 (855) Sandy-BZ.

Following the approval of New Jersey’s Community Development Block Grant (CDBG) Disaster Recovery Action Plan, Governor Christie called on the EDA to administer $460 million of the state’s CDBG Disaster Recovery allocation to assist storm-impacted businesses. The Stronger NJ Business Loan Program is the second of these CDBG-funded business recovery initiatives to launch and will utilize $100 million of the allocation. The Stronger NJ Business Grant Program launched in May.

To be eligible for the loan program, businesses located within the nine most impacted counties as determined by HUD (Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean and Union) must: 1) positively impact the economy of their community through either capital investment or the creation or retention of jobs; and/or 2) evidence a minimum of $5,000 in physical damage to real property and/or loss or damage of non-perishable and non-consumable inventory. Businesses located outside of the nine counties must meet the $5,000 damage/loss requirement.   

Eligible small businesses may apply for loans up to $5 million per eligible location, with 0% interest for the first 24 months. Loans can be used for renovation, new construction, equipment, and working capital. The maximum working capital loan amount is $500,000, exclusive of equipment. Eligible non-profits may only apply for construction funds.

Beginning today, EDA business advisors will be located at One-Stop Career Centers in the nine most impacted counties to provide more information on the Stronger NJ Business programs and help with the application process.  Business advisors will be available between 8:30 a.m. and 4:30 p.m. The full schedule is below.  Directions are available via http://lwd.dol.state.nj.us/labor/wnjpin/findjob/onestop/services.html.