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Stronger NJ Business Loan Program

The Stronger NJ Business Loan Program makes available interest freei loans up to $5 million to eligible small businesses, including certain rental companiesii, and certain nonprofits impacted by Superstorm Sandy or seeking to expand within storm-impacted communities.

Those located within the nine most impacted counties of Atlantic, Bergen, Cape May, Essex, Hudson, Middlesex, Monmouth, Ocean and Union have the flexibility of meeting one of two eligibility requirements: 

  1. Evidence a minimum of $5,000 in physical damage to real property or non-perishable and non-consumable inventory; and/or  
  2. Positively impact the economy of their community through either capital investment or the creation or retention of jobs.

Those not located within these counties must have at least one impacted location in New Jersey and meet the physical damage requirement listed above.

Irrespective of location, the applicant must: 

 Be a small business as defined by the U.S. Small Business Administration (SBA), with gross operating revenue of at least $25,000; 

  1. Have been in existence on October 29, 2012 and be able to provide at least one full year of financial statements prior to the storm; 
  2. Have applied to and received a declination or approval for an SBA disaster loan if the SBA disaster loan program has not lapsed (the SBA deadline for physical damage loans was May 1, 2013 and the deadline for economic injury loans is July 31, 2013);
  3. Not be seeking to receive funds from the Stronger NJ Business Loan program that would duplicate funding already received or known to be forthcoming from other sources;  
  4. Not be excluded from participating in HUD (debarred by HUD) or the State of New Jersey for certain legal matters; 
  5. Be up to date on all tax filings with the State of New Jersey;
  6. Be registered to do business in New Jersey and in good standing;
  7. Be registered with Dun and Bradstreet and have received a DUNS #; and
  8. Demonstrate overall creditworthiness.

Among the ineligible entities are casinos and gambling facilities, entities located in a Coastal Barrier Resource Area and home-based businesses with no separate entrance for commercial customers.  The only not-for-profits eligible for funding are those involved in commercial or industrial activities, or those that have facilities that provide a public service that furthers economic development, i.e., job training, social services or community centers.  These eligible not-for-profits may only apply for construction funds, with special restrictions on religious-affiliated not-for-profits.

Eligible entities may apply for loans of up to $5 million per eligible location, to be used for renovation, new construction, equipment or working capital.  The maximum working capital loan amount is $500,000, exclusive of equipment.  The loan is interest-free for the first 24 months.  The term will be up to 30 years, with the actual length based on the purpose of the loan and the useful life of any assets to be financed.  If a loan is for a project, and the applicant also satisfies the eligibility criteria for the Stronger NJ Grant program, the first $50,000 of the loan will be forgivable. 

For more information and instructions on how to apply for the loan click here.


iStronger NJ Business Loans will have 0% interest for the first 24 months. After the initial interest-free period, the interest rate will be set at the 5-year U.S. Treasury, fixed at closing for terms up to 10 years. For terms greater than 10 years, rates will be reset every 10 years; loan terms will be up to 30 years based on the purpose of the loan and the useful life of any assets to be financed.
iiA rental company owning two or more rental units used for weekly or seasonal rentals.

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