SBA Disaster Loans Make a Difference in New Jersey; Over $100 Million in SBA Disaster Loans Approved

ATLANTA, Dec. 21, 2011 /PRNewswire-USNewswire/ -- A disaster presents challenges for survivors that are sometimes insurmountable. Floods, tornadoes, hurricanes, fires, earthquakes and other disasters can destroy property and take lives. The U.S. Small Business Administration's disaster assistance program, however, oftentimes makes the difference between whether or not a business recovers or a family can repair or rebuild their home. For Hurricane Irene survivors in New Jersey, the SBA disaster loan program has certainly made a difference.

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For New Jersey residents and business owners with Hurricane Irene damage, over $100 million in disaster loans have now been approved. The success of the SBA disaster loan program is best measured in terms of individual stories of homeowners, renters and businesses who gain the financial muscle they need to help dig themselves out of a hole created by the disaster. When disaster loan approval amounts reach a significant milestone, it means more than just a large number—it represents numerous individuals who are able to rebuild their home or business with the help of the SBA disaster loan.

"The SBA disaster loan program is creating a substantial positive impact in the lives of many New Jersey residents affected by Hurricane Irene. Currently, 2,704 disaster home and business loans have been approved in the amount of $103,980,600 for affected survivors," said New Jersey District Director Alfred J. Titone.  "As best we can, we want to help homes and businesses return to the condition they were in prior to the disaster." 

There is still time for New Jersey small business owners to apply for a loan to help with economic injury. Economic Injury Disaster Loans are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet financial obligations that cannot be met as a direct result of the disaster.  

The deadline to return SBA applications for economic injury is May 31, 2012.

For more information, contact the SBA Customer Service Center by calling 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [email protected].  Those affected by the disaster may also apply for disaster loans electronically from SBA's website at https://disasterloan.sba.gov/ela/.

For more information about the SBA's Disaster Loan Programs, visit our website at www.sba.gov.       

Contact: Kathy Cook
Phone:  404-331-0333 

SOURCE U.S. Small Business Administration

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