TRENTON, N.J. (September 30, 2021) – The New Jersey Economic Development Authority (NJEDA) today announced that it is partnering with two entities to offer support services to businesses impacted by the remnants of Hurricane Ida that are seeking federal financial assistance through the Small Business Administration’s (SBA’s) Non-COVID Economic Injury Disaster Loan (EIDL) Program and/or Business Physical Disaster Loan Program.
The NJEDA has selected the African-American Chamber of Commerce of New Jersey (AACCNJ) and the Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ) to help guide businesses that sustained storm damage through the process of applying for SBA financing. This technical assistance is the latest in a series of steps New Jersey is taking to provide one-on-one assistance to New Jersey small businesses impacted by Hurricane Ida.
“Public and private sector partners have been essential to the State’s COVID recovery efforts, and these partnerships remain critical as we work to assist businesses and non-profits, including those in historically underserved communities, recovering from the damage and economic disruption caused by recent severe weather,” said NJEDA Chief Executive Officer Tim Sullivan. “The AACCNJ and SHCCNJ will help to connect business owners and entrepreneurs with funding while we continue to work with Governor Phil Murphy to assess the needs of businesses and develop additional resources to help make them whole.”
The SBA’s Physical Disaster and EIDL Programs are available to businesses, non-profit organizations, homeowners and renters in Bergen, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Morris, Passaic, Somerset, Union and Warren counties.
This assistance provided by the AACCNJ and SHCCNJ includes, but is not limited to, preparing financial information, packaging application documentation, and completing and submitting the on-line or paper-based application. Compensation for these organizations will be based on completed and submitted SBA applications.
“The AACCNJ is committed to assisting its constituents with securing SBA assistance to help them recover from devastation resulting from Hurricane Ida,” said AACCNJ President, Founder, and CEO John E. Harmon, Sr., IOM. “Small business owners and employers throughout the state can rest assured that we are here to help and will leverage our partnerships and expertise to guide them through the SBA application process.”
“The Chamber is eager to work with business owners and non-profit leaders to help secure the SBA funding that will be so critical to their recovery from damage caused by Ida,” said Carlos Medina, CEO and President, SHCCNJ. “This storm occurred at a time when businesses were bouncing back from the pandemic, and we hope that our assistance will get them quickly back on their path toward recovery.”
Loans of up to $2 million are available through the Non-COVID EIDL Program and Business Physical Disaster Loan Program.
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.