The state unveiled a loan program to help Sandy-ravaged businesses recover.
The Economic Development Authority approved a program Tuesday that will low-cost loans of up to $5 million to businesses and non-profits that were damaged by Superstorm Sandy last year.
The program, the Stronger NJ Business Loan Program, will begin in July, the administration said. It is the second of two federally funded efforts – the Stronger NJ Business Grant Program is the first – to use Community Development Block Grant funds.
“Small businesses are the social and economic backbone of so many of the New Jersey communities that experienced damage as a result of Superstorm Sandy,” Gov. Chris Christie said in a release. “Today’s EDA Board approval of the Stronger NJ Business Loan Program represents the next step in assisting these storm-impacted businesses with their rebuilding and recovery so that they can get back to normal operations, generating the revenues and jobs that keep New Jersey moving.”
The EDA is in charge of administering $460 million of the CDBG funds. This new program will have access to $100 million of that allocation.
Beginning July 1, businesses and non-profits can call EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929) to start the application process.