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Business Recovery Program

On the weekend of January 22, 2016, the State of New Jersey experienced a severe winter storm which led Governor Chris Christie to declare a state of emergency.  Some businesses throughout the State experienced physical damage due to blizzard and flooding conditions resulting from the storm.  In an effort to support the recovery of New Jersey’s businesses that have been impacted from this storm, NJEDA will offer direct loans under the Business Recovery Program.
Beginning with Hurricane Irene in 2011, the Board has approved temporary financial assistance programs to address the needs of businesses impacted by significant adverse weather conditions that constitute states of emergency. The Business Recovery Program is intended to support small businesses that experienced physical damage resulting from the storm such as flood damage and need assistance to initiate repairs.  NJEDA will require businesses to provide evidence of physical damage resulting from the storm.  This program is not intended to provide relief from business interruption costs such as replacement of lost revenues.

For more information on the Business Recovery Program, please click here

Financial Resources for Businesses Impacted by Superstorm Sandy

The Stronger NJ Business assistance programs support the economic revitalization of New Jersey in the aftermath of Superstorm Sandy. The programs are made possible by funding from the U.S. Department of Housing and Urban Development Community Development Block Grant Disaster Recovery Program.

Please see any of the programs along the left side of the page for more information.  NJEDA is no longer accepting new applications for the Stronger NJ Business Grant and Loan Programs.

In addition to the Stronger NJ Business assistance programs, below are additional financial resources offered by organizations across New Jersey for business recovery.

Storm Recovery Loans through UCEDC -   UCEDC, a statewide economic development corporation, is offering working capital loans up to $50,000 at only 2% for five years to meet the needs of small businesses impacted by Sandy.  Proceeds can be used to cover costs associated with physical or financial damage (business interruption, etc) due to the storm.  No collateral is required and a decision will be made within two weeks of receiving a complete application.

REBUILD New Jersey - Offered by New Jersey Community Capital (NJCC), REBUILD is available to provide critical loans from $10,000 to $65,000 to help small businesses pay for building repairs, equipment and inventory purchases, rent or mortgage payments, salary expenses, and utility costs for which they may need assistance. The loans are for up to 24 months and are at a 3% interest rate, with up to three months interest free.  EDA has also provided financing to REBUILD for the organization to advance to small businesses recovering from Superstorm Sandy.

Cooperative Business Assistance Corporation (CBAC) - CBAC is a nonprofit organization providing market or below market interest rate business loans and technical assistance to small businesses located in or moving into the Philadelphia, Pennsylvania and Southern New Jersey region.  EDA has also provided financing to CBAC for the organization to advance to small businesses recovering from Superstorm Sandy.

New Jersey Business Action Center

Information for all services may be easily accessed through New Jersey’s Business Action Center (BAC) by calling 1-866-534-7789 or through the state’s business portal at www.newjerseybusiness.gov, the “one-stop” shop for business resources.  Agents are also available to assist callers that speak Spanish.

Federal Emergency Management Agency (FEMA) Assistance

In addition to recovery resources being offered through the State of New Jersey, the federal government has issued a major disaster declaration for all New Jersey counties. That means the Federal Emergency Management Agency (FEMA) is accepting applications for disaster assistance from businesses and individuals in those counties. You can register online at http://www.disasterassistance.gov, by web-enabled mobile device at m.fema.gov or by calling 1-800-621-FEMA(3362) or 1-800-462-7585 (TTY) for the hearing and speech impaired. The toll-free telephone numbers will operate from 7 a.m. to 10 p.m. EDT seven days a week until further notice.

New Jersey's Hurricane Sandy Information Center

The official Hurricane Sandy information center for the State of New Jersey.