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At this time, due to the high volume of applications already received, EDA will not be accepting new applications for the Stronger NJ Business Loan Program.
The Stronger NJ Business Loan Program is available to help small businesses and non-profits that were impacted by Superstorm Sandy, as well as businesses looking to expand within storm-impacted communities. Eligible small businesses and non-profits may apply for loans up to $5 million per eligible location, with 0% interest for the first 24 months. Loans can be used for renovation, new construction, equipment, and working capital*
A business or non-profit organization located within the nine most impacted counties as determined by HUD (Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean and Union) that: 1) positively impacts the economy of their county through either capital investment or the creation or retention of jobs; and/or 2) evidences a minimum of $5,000 in physical damage to real property and/or loss or damage of non-perishable and non-consumable inventory.
A New Jersey-based small business or non-profit organization located outside the nine counties that sustained a minimum of $5,000 in physical damage from Superstorm Sandy.
The entity must be a Small Business as defined by the US Small Business Administration, with gross operating revenues of at least $25,000.
The entity must have been in existence on October 29, 2012, the date of the Superstorm and be able to provide, at minimum, one full year of financial statements prior to storm.
Entities within the nine most impacted counties must evidence a minimum of $5,000 in physical damage to real property or non-perishable and non-consumable inventory; and/or positively impact the economy of their community through either capital investment or the creation or retention of jobs.
Entities outside of the nine most impacted counties must have at least one impacted location in New Jersey, defined as physical damage to the place of business (i.e., must meet the $5,000 physical damage requirement).
Non-profit entities eligible for funding are those involved in commercial or industrial activities, or those that have facilities that provide a public service that furthers economic development (i.e. job training, social services, or community centers.) These eligible nonprofits may only apply for construction funds. (Religious-affiliated non-profits, such as churches, may utilize the funding only for renovation or new construction of portions of a physical structure with non-sectarian uses.)
Loans of up to $5 million with 0% interest for up to the first 24 months*.
Interest rate: 0% interest for first 24 months, rate reset at 5 year US Treasury after the initial interest free period, fixed at closing for terms up to 10 years. For terms of greater than 10 years, rates will be reset every 10 years; Default rate will be the rate in effect at the time of default plus 500 basis points.
Term: Up to a 30 year term based on the purpose of the loan and the useful life of any assets to be financed
2 year principal moratorium for construction loans, or until Temporary Certificate of Occupancy is issued, as applicable; 18 months principal moratorium for working capital.