SBA Helping Gloucester County Residents After Tornado

GLOUCESTER COUNTY, NJ — The Small Business Administration has set up locations in Gloucester County to help residents who are recovering from the tornado that hit South Jersey earlier this month.

Small businesses and residents are eligible for federal, state and local financial help including the Gloucester County Small Business Revolving Loan Fund which provides low-interest loans of up to $35,000, officials said on Monday.

“Gloucester County is ready to help our small businesses and residents impacted by Hurricane Ida,” Gloucester County Commissioner Director Robert M. Damminger said. “We’re committed to providing assistance swiftly and efficiently to help businesses and Gloucester County recover and rebuild.”

“Representatives are available at two locations to help assess which programs may be best suited to individual businesses and also to help complete the application process,” Gloucester County Commissioner Heather Simmons, liaison to Economic Development and Public Works, said. “The Gloucester County Economic Development team is also contacting impacted businesses to ensure they are aware of resources for recovery that in some cases includes both COVID and storm-related needs. Our local businesses are the backbone of our economy, and we are committed to their recovery.”

There are two locations for small businesses to seek assistance:

• Monday through Friday: 7 a.m. – 7 p.m.
• Saturday: 10 a.m. – 5 p.m.
• Sunday: 1 p.m. – 5 p.m.

SBA Small Business Recovery Center at Mantua Township Municipal Building, 401 Main Street in Mantua Township:

• Monday through Friday, 8 a.m. to 4:30 p.m.
• Saturday and Sunday, 10 a.m. to 4 p.m.

See related: FEMA Sets Up Recovery Center In Gloucester County After Tornado

U.S. Small Business Administration low-interest disaster loans are available for homeowners, renters, businesses of any size and most nonprofits. Similar to FEMA, the Small Business Association cannot duplicate benefits for losses covered by insurance.

For small businesses, those engaged in aquaculture and most nonprofits, up to $2 million is available for working capital needs even if there was no property damage, with a $2 million maximum loan for any combination of property damage and working capital needs.

For homeowners, up to $200,000 is available to repair or replace their primary residence.

For homeowners and renters, up to $40,000 is available to replace personal property, including vehicles. Businesses and residents can apply online at https://disasterloanassistance.sba.gov

The NJEDA Henri/Ida Assistance Grant Program is designed to assist businesses and non-profits impacted by the remnants of Hurricanes Henri and Ida. The Program will provide grants from $1,000 up to $5,000 in the form of reimbursement of August rent or mortgage.

The Program is open to New Jersey-based small businesses and non-profits that have up to 50 full-time equivalent employees as reported on their last WR-30 form (Q2 2021) with the NJ Department of Labor and Workforce Development (DOL) and have a commercial location in the State that suffered physical damage as a result of the remnants of Hurricanes Henri and/or Ida. Landlords and home-based businesses are not eligible for grant funding through this program.

The NJEDA launched an online application at https://www.njeda.com/henri-ida-relief. Applications will be reviewed on a first come, first served basis. For more information on the Henri/Ida Assistance Grant Program, visit https://www.njeda.com/henri-ida-relief/.

The Gloucester County Board of Commissioners in partnership with the Cooperative Business Assistance Corporation (CBAC) have established the Gloucester County Small Business Revolving Loan Program.

The Cooperative Business Assistance Corporation (CBAC) is certified by the US Department of Treasury as a Certified Development Financial Institution. They will work together with small businesses to provide technical assistance and a referral network to help Gloucester County businesses grow and recover.

After the loan closing, CBAC will stay involved and assist businesses in the areas of accounting, marketing, operations and general business consulting. The technical assistance (CBAC) provides helps clients maintain a successful business within the community.

Eligibility Requirements:

• Up to $35,000 directly from The Gloucester County Small Business Revolving Loan Program
• Alternatively, this loan can combine with a larger loan in partnership with other lenders, but cannot duplicate benefits for losses covered by insurance, SBA or NJEDA Ida Business Assistance Grant Program.

• Microloans from $1,000 to $35,000 are available to most types of new enterprises and existing businesses. Terms are generally for one year to six years depending on the amount of the loan.

• To purchase real estate, fixed assets, fixtures, supplies, materials, equipment and/or working capital, and refinancing your existing debt will be considered when it improves your cash flow.

For more information, call 856-966-8181 or email info@cbaclenders.com. To apply for a loan online, visit https://www.cbaclenders.com/need-a-loan.

For updated information, visit https://www.gloucestercountynj.gov/1277/Gloucester-County-Tornado-912021 or call the Tornado Hotline at 856-307-4805.

See related:
Online Donations For Gloucester County Residents Following Storm
Gloucester County Landfill Open Monday As Storm Cleanup Continues
Officials Critical Of Atlantic City Electric Tornado Response
Tornado That Hit Gloucester County Packed 150 MPH Winds
Tornado Cleanup Slowing Shore Traffic In South Jersey
State Of Emergency In Gloucester County After Tornado
VIDEOS: Confirmed Tornado Rips Through South Jersey