SBA offers business disaster loans for summer flood damage

Small businesses, farm-related concerns and nonprofit operators in eight New Jersey counties, damaged by heavy rains between May 28 and July 15 of this year, might be eligible for low-interest loans from the U.S. Small Business Administration (SBA).

SBA's disaster declaration includes Ocean, Burlington, Atlantic, Camden, Cape May, Cumberland, Gloucester and Salem Counties.

The loans may be applied to fixed debts, payroll, accounts payable, and other bills that had payment schedules interrupted by the storms. They are not intended to compensate for lost sales or profits.

Eligibility is open to farm- and non-farm-related small businesses, small agricultural cooperatives, small aquaculture enteprises, and most non-profit organizations. Actual farmers, ranchers and agricultural producers are excluded.

Loans can run as high as $2,000,000, with repayment schedules as long as 30 years. Interest rates are 2.625 percent for non-profits, and four percent for small businesses.

Eligibility factors include the size, activity and financial condition of each business submitting applications.

SBA's Electronic Loan Application can be accessed here. The agency also keeps general loan applications at its website. Questions can be emailed to disastercustomerservice@sba.gov. SBA's Customer Service Center can be reached by phone at 800-659-2955. The hearing-impaired number is 800-877-8339.

Completed applications can be sent overland mail to the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.