BLOG: Loans Available to Some June Storm Victims in NJ
By Jim Donovan: New Jersey residents and businesses affected by the severe storms and high winds on June 30, can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Karen G. Mills announced today.
Administrator Mills made the loans available in response to a letter from Gov. Chris Christie on Sept. 13, requesting a disaster declaration by the SBA. The declaration covers Atlantic County and the adjacent counties of Burlington, Camden, Cape May, Cumberland, Gloucester and Ocean in New Jersey.
“The SBA is strongly committed to providing the people of New Jersey with the most effective and customer-focused response possible to assist homeowners, renters, and businesses of all sizes with federal disaster loans,” said Administrator Mills. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
“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 Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
SBA’s customer service representatives are on hand at the Disaster Loan Outreach Center to answer questions about the disaster loan program, explain the process, issue and help individuals complete their applications. The center is located at the Township of Hamilton Town Hall 6101 Thirteenth Street Mays Landing, NJ 08330 The center will be open for two weeks beginning tomorrow, Tuesday, Sept. 25, at 8:30 a.m. The hours will be : Weekdays, 8:30 a.m. to 4:30 p.m. Saturday, Sept. 29 from 10 a.m. to 2 p.m. (closed Sunday) . The outreach center will close on Thursday, Oct. 4, at the end of business day.
“Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said Alfred Titone, SBA’s New Jersey district director. The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 1.938 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.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Individuals and businesses unable to visit the Center 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 sending an email to firstname.lastname@example.org.
Loan applications can also be downloaded from the SBA’s website at http://www.sba.gov. Completed applications should be returned to the Center 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 November 20, 2012. The deadline to return economic injury applications is June 21, 2013.
For more information about the SBA’s Disaster Loan Program, visit www.sba.gov.