Loans for New Small Business
According to the Christie administration, Low-interest Small Business Administration loans of up to $200,000 are now available to homeowners in Morris and nine other counties. The loans are made to help homeowners whose property was damaged during floods. The floods that took place March 10 through 17. They offer interest rates as low as 5.12 percent. The questions about the loan program and help people with their applications will answered by SBA’s Disaster Loan Outreach Center staff starting today.
In the center is in the Woodland Park Municipal Building, in northern New Jersey 5 Brophy Ln., Woodland Park. The center, held in the community room through July 2, will be open on Saturday from 9 a.m. to 1 p.m., and Monday through Friday, 9 a.m. to 5 p.m… homeowners who eligible to apply for the low-interest loans are in Hunterdon, Morris, Passaic, Hudson, Essex, Bergen, Sussex, Union, Warren and Somerset.
Renters and Homeowners in those counties are also eligible for loans up to $40,000 to replace or repair damaged or destroyed personal property. Nonprofit groups and Businesses may borrow up to $2 million to replace or repair damaged or destroyed real estate, equipment and machinery, inventory and other business assets.