The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for small businesses and nonprofit organizations affected by the sinkholes on Interstate 80.
The declaration covers Morris County, as well as the adjacent counties of Essex, Hunterdon, Passaic, Somerset, Sussex, Union, and Warren. The loans cover eligible small businesses and nonprofits operating during this disaster.
The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.625% for nonprofits, with terms up to 30 years. Interest does not begin to accrue and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
Beginning Tuesday, April 8, SBA customer service representatives will be on hand at the SBA Business Recovery Center (BRC) in Morris County to answer questions about SBA’s disaster loan program, explain the application process, and help individuals complete their applications. Walk-ins are accepted, but in-person appointments can be scheduled in advance at appointment.sba.gov.
Contact: Erin Knoedler, Legislative Analyst, eknoedler@njlm.org, x116.