TRENTON – The Economic Development Authority created a new Sandy recovery program Tuesday that will channel federal funds to storm-wracked businesses and municipalities.
Under the Stronger NJ Neighborhood and Community Revitalization program that was approved today, $75 million will be available for businesses, municipalities, counties, redevelopment agencies and other entities in the form of either grants or loans.
EDA Executive Director Michele Brown and President Tim Lizura explained that among other things, the funds will help provide loans to small businesses, support public improvement projects, and assist so-called Main Street revitalization.
Eligible projects include a wide range of needs, and could be either in commercial or residential areas, could involve cultural or recreational sites, and involve improvements to streetscapes, boardwalks or businesses, depending on the particular project.
There will be $10 million for Main Street revitalization efforts, including lighting, sidewalks or other improvements to commercial areas.
EDA said that $62.5 million will be available for public improvement projects concentrating on the nine N.J. counties most affected during Superstorm Sandy last year.
And $2.5 million will be available to financial institutions to make loans to small businesses damaged by Sandy.
This is the third such Sandy recovery program, the others being Business Grants and Business Loans programs.
Applications can begin to be filed next Tuesday, Brown explained, and then they will have to see what the volume of applications turns out to be.