TRENTON, N.J. -- New Jerseyans may use low-interest disaster loans from the Small Business Administration to better protect their home or business structures from future disasters.
Home and business owners can choose to borrow up to an additional 20 percent of the approved loan amount for mitigation improvements including building elevation, retaining walls, seawalls, sump pumps and relocating utilities.
Survivors can indicate on their SBA loan applications that they want to apply for additional mitigation funds and specify how they would protect their home or business.
Homeowners can receive loans up to $200,000 to repair or replace damaged property while businesses can receive loans up to $2 million.
SBA disaster loans for building code requirements can increase the total of the loan up to 100 percent.
The deadline to apply for a low-interest SBA disaster loan is Jan. 30.
SBA is the primary source of federal funds for long-term rebuilding. In most cases, Federal Emergency Management Agency funds will not cover all of the repair needs of homeowners. Money for a temporary rental home is the form of help FEMA largely provides so obtaining a low-interest SBA disaster loan is a survivor’s best option for repairing their home, replacing property and mitigating their home.
For additional information on SBA low-interest disaster loans, contact the SBA disaster assistance customer service center by calling 800-659-2955 or TTY 800-877-8339, emailing firstname.lastname@example.org or visiting sba.gov. SBA customer service representatives are available at all disaster recovery centers throughout the state. Centers can be found online at fema.gov/DRC.
FEMA's mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards.
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SBA’s Disaster Assistance Program provides long term, low-interest loans to homeowners, renters and businesses of all sizes. For more information, visit www.sba.gov. All SBA’s program and services are provided on a nondiscriminatory basis.