Disaster declaration follows May storm
FREEHOLD, NJ – The U.S. Small Business Administration is making federal economic injury disaster loans available to small businesses, small agricultural cooperatives and most private non-profit organizations located in Monmouth County as a result of the high winds, flooding and other severe weather that occurred between May 7 and 31, 2010.
“The May weather caused damage throughout Monmouth County, hitting agricultural businesses the hardest,” Freeholder John P. Curley said. “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.”
According to the SBA, the loan amount can be up to $2 million with a 3 percent interest rate for nonprofit organizations, 4 percent for small businesses and terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not happened. The loans are not intended to replace lost sales or profits.
Loan applications can be downloaded from the SBA’s website at 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. Those affected by the disaster may apply for disaster loans from SBA’s secure website at https://disasterloan.sba.gov/ela/.
Completed loan applications must be returned to SBA no later than May 2, 2011. Agricultural producers, farmers and ranchers are not eligible to apply to SBA.
The SBA’s disaster declaration also includes Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Mercer, Ocean and Salem counties.