Small Business Administration economic disaster loan deadline is June 5

The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit
organizations that June 5 is the filing deadline for federal economic injury disaster loans in
New Jersey for the freeze, excessive heat and drought that caused damage to area businesses from April 1 through Sept. 19 of 2016.

This disaster declaration covers Mercer, Burlington, Hunterdon, Middlesex, Monmouth,
Somerset, and several other counties. Under the declaration, an economic injury disaster loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, the Small Business Administration cannot provide disaster loans to agricultural producers, farmers, or ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.

The loans are for working capital and can be up to $2 million with interest rates of 4 percent for
eligible small businesses and 2.625 percent for nonprofit organizations, and terms up to
30 years.

Applicants can apply online using the Electronic Loan Application. Disaster loan information and application forms can also be obtained by calling 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to Loan applications can be downloaded from the SBA’s website. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.