Financial Resources for Business Recovery
Main Street Disaster Relief Program - The Main Street Disaster Relief Program will make available EDA guarantees of up to $500,000 for commercial lines of credit to businesses that need access to cash to improve their damaged property while awaiting insurance proceeds.
Storm Recovery Loans through UCEDC - UCEDC, a statewide economic development corporation, is offering working capital loans up to $50,000 at only 2% for five years to meet the needs of small businesses impacted by Sandy. Proceeds can be used to cover costs associated with physical or financial damage (business interruption, etc) due to the storm. No collateral is required and a decision will be made within two weeks of receiving a complete application.
REBUILD New Jersey - Offered by New Jersey Community Capital (NJCC), REBUILD is available to provide critical loans from $10,000 to $65,000 to help small businesses pay for building repairs, equipment and inventory purchases, rent or mortgage payments, salary expenses, and utility costs for which they may need assistance. The loans are for up to 24 months and are at a 3% interest rate, with up to three months interest free. EDA has also provided financing to REBUILD for the organization to advance to small businesses recovering from Superstorm Sandy.
Cooperative Business Assistance Corporation (CBAC) - CBAC is a nonprofit organization providing market or below market interest rate business loans and technical assistance to small businesses located in or moving into the Philadelphia, Pennsylvania and Southern New Jersey region. EDA has also provided financing to CBAC for the organization to advance to small businesses recovering from Superstorm Sandy.
New Jersey Business Action Center
Information for all services may be easily accessed through New Jersey’s Business Action Center (BAC) by calling 1-866-534-7789 or through the state’s business portal at www.newjerseybusiness.gov, the “one-stop” shop for business resources. Agents are also available to assist callers that speak Spanish.
Federal Emergency Management Agency (FEMA) Assistance
In addition to recovery resources being offered through the State of New Jersey, the federal government has issued a major disaster declaration for all New Jersey counties. That means the Federal Emergency Management Agency (FEMA) is accepting applications for disaster assistance from businesses and individuals in those counties. You can register online at http://www.disasterassistance.gov, by web-enabled mobile device at m.fema.gov or by calling 1-800-621-FEMA(3362) or 1-800-462-7585 (TTY) for the hearing and speech impaired. The toll-free telephone numbers will operate from 7 a.m. to 10 p.m. EDT seven days a week until further notice.
New Jersey''s Hurricane Sandy Information Center
The official Hurricane Sandy information center for the State of New Jersey.