Business & Tech

Zero Interest Loans Available to Sandy-Impacted Businesses, Nonprofits

Program aimed at helping businesses, creating jobs

The New Jersey Economic Development Authority on Monday announced a zero-interest loan program available to businesses and nonprofit organizations affected by Hurricane Sandy.

The interest-free loans will be available to businesses and nonprofits that suffered more than $5,000 in damage from the storm, a statement from the EDA said.

To qualify, businesses in the nine counties most affected by the storm must also "positively impact the economy of their community through either capital investment or the creation or retention of jobs."

The loans will be available in amounts up to $5 million and remain interest free for two years. Loans can be used for renovation, new construction, equipment and working capital, the statement said. The maximum working capital loan amount is $500,000, exclusive of equipment.

Eligible non-profits may only apply for construction funds.

The program will be funded through $100 million in Community Development Block Grants, part of the $60 billion federal Sandy aid package.

Business owners and nonprofit leaders can apply online, call 855-SANDY-BZ or visit one of the state's One Stop Career Centers in the nine counties most affected by the storm to speak with an EDA representative. Hours and locations of the centers are available on a state website.


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