Rep. Chris Smith (NJ-04) today announced a new U.S. Small Business Administration (SBA) Economic Injury Disaster Loan program designed to assist small businesses, small agricultural cooperatives, aquaculture businesses and most private nonprofit organizations located throughout the 4^th Congressional District. SBA introduced this loan as a result of the severe freeze, excessive heat and drought that impacted central New Jersey from April 1^st through September 19^th of this year.

     “For small business owners who have suffered through extreme conditions these past several months the SBA loan could be a lifeline,” said Smith, who represents parts of Mercer, Monmouth and Ocean Counties, which are included in this program. “I encourage each and every business that would qualify for this loan to apply before the deadline, June 5, 2017.”

     According to the SBA, loans of up to $2 million will be available, with interest rates as low as 2.625 percent for private nonprofit organizations and 4 percent for small businesses. Terms will be up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. 

     These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

     Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

     Congressman Smith, who represents New Jersey’s Fourth Congressional District in the House of Representatives, has offices in Mercer, Monmouth, and Ocean Counties.  Inquiries regarding the SBA loan program should be directed to the Monmouth County office located at 112 Village Center Drive, Raintree Town Center, 2nd floor, (732) 780-3035, or the Hamilton Office, 4573 South Broad Street, Hamilton, (609) 585-7878.

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