Many small business owners continue to struggle with the havoc wreaked by Hurricane Irene.  Business owners should be aware that the entire state has been declared a federal disaster and as such you may be able to obtain grants or disaster loans to assist in the rebuilding process.

As a first step you should register with the Federal Emergency Management Agency (FEMA) by calling (800) 462-7585 or (800) 621-3362 or online at www.disasterassistance.gov.  

In addition to FEMA assistance small business owners may be eligible for low interest disaster loans from the Small Business Administration (SBA).The SBA offers physical disaster loans of up to $2 million to repair or replace damaged real estate, equipment, inventory and fixtures.  The SBA also has available Economic Disaster Loans of up to $2 million to address financial obligations that businesses incurred as the result of the hurricane.  The deadline for filing for SBA disaster relief is 60 days after the disaster declaration.  You can reach the SBA at (800) 659-2955 or by email disastercustomerservice@sba.gov.

The New Jersey Economic Development Authority (EDA) is also offering assistance through it Main Street Business Assistance Program.  As the result of the hurricane the EDA has temporarily increased the maximum amount of its guarantee for this line of credit program offered through its partner banks from the less of 50% of the amount of the line of credit or $500,000 (prior to the temporary increase the maximum dollar amount of the guarantee was $250,000).  The EDA can be contacted at (866) 534-7789 or by email at BusinessActionCenter@sos.state.nj.us.