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.
Businesses located outside the nine counties must meet the $5,000 physical damage requirement, and have at least one impacted location in New Jersey; have been in existence on the date of Sandy, October 29, 2012, and be able to provide one full year of financial statements prior to the storm; and be a small business with annual revenues of at least $25,000.
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. These eligible non-profits may apply only for construction funds. Religious-affiliated non-profits, such as churches, may utilize the finding only for renovation or new construction of portions of a physical structure with non-sectarian uses.
For more information on Stronger NJ Business Grants and Stronger NJ Business Loans, please visit njeda.com or call 1-855-726-3929.
The Stronger NJ business assistance programs are made possible by funding from the U.S. Department of Housing and Urban Development Community Development Block Grant Disaster Recovery Program.