Posted Wednesday, July 3rd, 2013
The U.S. Small Business Administration is reminding businesses in Morris and the other 20 counties in New Jersey that working capital loans are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations affected by Hurricane Sandy between Oct. 26 and Nov. 8, 2012.
Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the July 31 deadline, said Frank Skaggs, director of SBA Field Operations Center East in Atlanta.
Economic Injury Disaster Loans up to $2 million are available at 3 percent for private non-profit organizations of all sizes and 4 percent for small businesses, with terms up to 30 years, Skaggs said. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. To be considered for this assistance, eligible entities need to apply by the deadline, Skaggs said.
These Economic Injury Disaster Loans are available to small businesses and most private non-profit organizations in all 21 New Jersey counties, as well as in portions of Delaware, New York and Pennsylvania.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
To obtain disaster loan information and application forms, call the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hearing impaired) or email [email protected].
Loan application forms can also be downloaded from www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Skagga stresses the deadline for economic injury applications is July 31, 2013. More information about the SBA’s Disaster Loan Program can be found online at www.sba.gov.