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New Jersey Spending Plan Calls For $300M In Sandy Relief Grants For Small Businesses
Written by Tim Morral
Gov. Chris Christie announces grant program to help area business owners fund new construction and replace equipment damaged during the 2012 hurricane.
New Jersey small businesses took a major hit from Hurricane Sandy. It's been estimated that the economic impact of the storm totaled more than $50 billion, much of which was sustained by small companies that are unable to rebuild or recover without governmental assistance.
Getting a small business loan is tricky under the best of circumstances. For owners and entrepreneurs with non-operating businesses or little remaining capital, securing post-Sandy financing can be next to impossible.
But recently, Governor Chris Christie announced that affected New Jersey small businesses will be able to apply for a share of $300 million in business grants--the first wave of what is promised to be $1.8 billion in Community Development Block Grant funding from the US Department of Housing and Urban Development.
According to NJBiz.com, New Jersey's recovery plan has four parts:
- Small Business Grants. The $300 million grant program will provide grants up to $50,000 for construction, equipment and other losses sustained as a result of the hurricane.
- Business Loans. A no-interest loan program will allow small business owners to borrow from $100,000 to $5 million for repairs not covered by other funding sources.
- Community Revitalization. $10 million will be set aside to rebuild public facilities and streetscapes.
- Tourism. Another $25 million will be designated to reboot the state's tourism marketing agenda.
"This plan puts into motion the specific actions we've been designing to get relief out as quickly as possible to our Sandy-impacted homeowners and businesses -- to reconstruct, rehabilitate and elevate homes, and to get over hurdles for our small businesses to get up and running again," said Christie.
For more information about the small business loan and New Jersey's entire Sandy recovery spending plan, visit the New Jersey Department of Community Affairs website.
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