TRENTON, N.J. -- Time is running out for business owners with property damage due to Hurricane Sandy to apply for Business Disaster Loans from the U.S. Small Business Administration (SBA). The deadline to apply for loans covering physical losses is December 31, 2012.
Business Physical Disaster Loans are made to businesses to repair or replace disaster-damaged property owned by the business. This includes real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible, as are private non-profit organizations such as charities, churches, private universities, etc.
The SBA also administers the Economic Injury Disaster Loan (EIDL) program. Economic injury disaster loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid if the disaster had not occurred. The loans are not intended to replace lost sales or profits.
Federal law limits business loans to $2 million for the combined physical and economic injury, mitigation and refinancing.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov/ela.
SBA customer service representatives are available at all Disaster Recovery Centers (DRCs) throughout the state and at the following ten Business Disaster Recovery Centers (BRCs):
Richard Stockton College, 35 S. Martin Luther King Blvd., Atlantic City, NJ 08401
- Bergen Community College, 355 Main St., Room 121, Hackensack, NJ 07601
- Cape May County Chamber of Commerce, 13 Crest Haven Rd. Cape May, NJ 08210
- Rutgers University, 25 James Street, Newark, NJ 07102
- N.J. City University, 285 West Side Avenue, Suites 189-191, Jersey City, NJ 07305
- John F. Kennedy Library, 500 Hoes Lane, Piscataway, NJ 08854
- Brookdale Community College, 765 Newman Springs Rd., Lincroft, NJ 07738
- So. Ocean County Chamber of Commerce, West Bay Ave., Manahawkin, NJ 08050
- William Paterson University, 131 Ellison St., Paterson, NJ 07505
- Kean University, Business One-Stop-Service, The Incubator, 320 Park Ave. Plainfield, NJ 07060
These locations may change. Disaster Recovery Center locations can be found online at fema.gov/DRC.
Registration with FEMA is not mandatory to apply for an SBA Business Disaster Loan, but it is preferred. For additional information, contact SBA’s Disaster Assistance Customer Service Center by calling 800-659-2855 or TTY 800-877-8339, emailing email@example.com or visiting sba.gov.
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