Mayor Mark A. Smith announced that grants and loans are available for qualified businesses and non-profit organizations that were damaged by Hurricane Sandy. Mayor Smith said, “I urge businesses and non-profits that qualify for these programs to apply, so that they can continue to rebuild and recover from Hurricane Sandy. The City of Bayonne would like everyone eligible in our community to benefit from these helpful grants and loans.”
The first program is called Stronger NJ Business Grants. This $260 million program is available to help small businesses and non-profits that were damaged by Hurricane Sandy. Under this program, grants and forgivable loans of up to $50,000 per impacted location are available. Businesses with multiple impacted locations may be eligible for an award of up to $250,000. Eligible costs for reimbursement under this program may include: working capital (operating expenses), inventory, equipment, machinery, furnishings, and prospective construction.
To be eligible for a Stronger NJ Business Grant, a business must meet at least the following conditions: 1.) It must have been in existence on the date of Sandy in New Jersey, October 29, 2012. 2.) It must have at least one location in New Jersey and be registered to do business in New Jersey. 3.) The business must have less than $1 million in liquid assets. 4) It must be a small business with annual revenues of at least $25,000. 5) The business must have sustained a minimum of $5,000 in Sandy-related physical damage per location seeking assistance, which may include damage to real property or non-perishable, non-consumable inventory.
The second program is called Stronger NJ Business Loans. This $100 million program is available to help small businesses and non-profits that were impacted by Sandy, as well as businesses looking to expand within storm-impacted communities. Low-cost loans up to $5 million per eligible location, with 0% interest for the first 24 months and no principal payments for up to two years, are available for renovation, new construction, or equipment. Loans up to $500,000 are available to support working capital needs for eligible businesses.
To be eligible, businesses within the nine most storm-impacted counties (Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean, and Union) must: 1) be a small business with annual revenues of at least $25,000; 2) evidence a minimum of $5,000 in physical damage to real property or non-perishable and non-consumable inventory, and/or 3) positively impact the economy of their community through either capital investment or the creation or retention of jobs. Continue reading Grants and Loans Available for Bayonne Businesses, Non-Profits Damaged by Sandy