Small businesses can apply for disaster relief following
FREEHOLD, NJ — The Monmouth County Board of Chosen Freeholders is reminding local small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations in New Jersey that June 5 is the filing deadline for federal Small Business Administration (SBA) economic injury disaster loans as a result of freeze, excessive heat and drought between April 1 and Sept. 19, 2016
“Monmouth County is among the 18 New Jersey counties impacted by the mid-2016 disaster declaration,” said Freeholder Serena DiMaso, Esq. liaison to the County’s division of Emergency Management. “I encourage our qualified, small businesses to consider applying for a low-interest working capital loans through the SBA’s Economic Injury Disaster Loan program.”
The loans are for working capital and can be up to $2 million with interest rates of 4 percent for eligible small businesses and 2.625 percent for nonprofit organizations, and terms up to 30 years.
Under the 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. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.