Loan program coming for Superstorm Sandy-damaged businesses in New Jersey

June 12, 2013 5:17:27 AM PDT
The Christie Administration is helping businesses in New Jersey recover from Superstorm Sandy.

The Stronger New Jersey Business Loan Program will make $100 million available to business owners in nine counties starting July 1.

The money can be used to either expand or repair facilities and inventory that were damaged last fall.

Small business owners must have at least $25,000 in revenue and have already applied for a disaster loan.

The program is the second phase of the New Jersey Economic Development Authority's disaster recovery program aimed specifically for businesses.

It launched a program in May to offer Sandy-damaged businesses grants of up to $50,000 for working capital, inventory, equipment, machinery, fixtures, furnishings and prospective construction.

October's storm caused more than $380 million in commercial property losses and cost companies more than $63 million in business, according to the Christie administration.

Businesses and non-profits interested in the loan program can call the EDA's Sandy hotline beginning July 1. The number is 1-855-726-3929.