ATLANTA, GA - The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations located in Middlesex, along with Hunterdon, Mercer, Morris, Somerset, Union and Warren Counties that of the upcoming filing deadline for federal economic injury disaster loans as a result of excessive rain and moisture that occurred in New Jersey from July 20 through Sept. 27, 2018. Completed loan applications must be returned to SBA no later than Oct. 4, 2019.
“Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster,” said SBA Regional Administrator Steve Bulger, who oversees all the agency’s programs and services for the Atlantic Region that encompasses New Jersey, New York, Puerto Rico and the U.S. Virgin Islands. “With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.”
SBA New Jersey District Director Al Titone noted the loans are for working capital and can be up to $2 million with interest rates of 3.61 percent for eligible small businesses and 2.5 percent for nonprofit organizations, and terms up to 30 years.
“Most people think of the physical damage that occurs after a disaster,” said Titone. “However, in some cases small businesses that have not suffered physical damage may find that a disruption in business has hurt their sales and the flow of income into their business. An economic injury disaster loan from the SBA can help them get back on track by helping them to meet their obligations and to pay their ordinary and necessary operating expenses, until sales get back to pre-disaster levels.”
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov. Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to email@example.com.