SBA Disaster Loans for New Sandy Declaration Tops $30 Million; NJ Receives $13 Million in Assistance

On Mar 8, 2016

Last December, the U.S. Small Business Administration reopened the application filing period for Superstorm Sandy survivors making federal disaster loans available until Dec. 1, 2016. In three months, SBA has approved loans in excess of $30 million dollars for survivors in the affected states.

SBA Regional Administrator Kellie Ledet, who oversees the agency’s programs and services for  all of New Jersey, New York, Puerto Rico and the U.S. Virgin Islands said, “We simply don’t want businesses, homeowners and renters here in New Jersey to let this second opportunity slip away.  This is a lifeline for small businesses and residents with uninsured losses from Hurricane Sandy to take the opportunity to apply for SBA low-interest disaster loans and to obtain the additional financing needed to fully recover,”

LeDet noted that of the $30 million in disaster loans approved over eight states and the Commonwealth of Puerto Rico, $13 million went to 289 New Jersey homeowners, renters and business owners. “We to make sure New Jersey residents know that this an ongoing process and that  SBA will be accepting disaster loan applications through Dec. 1,” she added.

The low-interest loans are available to small businesses, most private nonprofit organizations, homeowners and renters located in Connecticut, Maryland, New Jersey, New York, North Carolina, Puerto Rico,  Rhode Island, Virginia, and West Virginia.  Survivors in need of financial assistance to recover from the effects of the storm should apply whether or not they submitted an application during the initial Hurricane Sandy disaster declaration.

The loan amount can be up to $2 million for businesses.  Homeowners can borrow up to $200,000 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.  The interest rates are as low as 4 percent for businesses, 3 percent for nonprofit organizations, and 1.688 percent for homeowners and renters with terms up to 30 years.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Information on the 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 protected]. Loan applications can be downloaded from www.sba.gov/disaster.  Completed applications should be 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 and for economic injury is Dec. 1, 2016.

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