Deadline is Today for Sandy Business Grant Applications
Superstorm Sandy gave a black eye to the Garden State back in October of 2012.
During the past year, residents and businesses have been struggling to recover. On the business side of things, the Stronger New Jersey Business Grant program has been there to help provide a necessary cushion to those in need. The deadline to apply for one of them is today.
The program provides grants of up to $50,000 to businesses that were wiped out or suffered physical damage. The minimum amount of damage is $5,000.
Businesses can submit a new application, and any business owner who has already started the application process is encouraged to hit “submit” from within the online grant application to ensure it will be considered for funding afterwards. Applicants can continue to upload supporting documentation after the submission deadline.
To date, over 200 grants have been approved.
According to Tim Lizura with the New Jersey Economic Development Authority, the money can be used for working capital (operating expenses), inventory, equipment, machinery, fixtures, furnishings, and prospective construction. If an applicant seeks multiple types of funding, according to program policy, working capital and inventory expenses will be prioritized.
Non-profits involved in commercial or industrial activities, or that have facilities, which provide a public service that furthers economic development may be eligible, though they may only apply for construction funds. Examples of eligible non-profits may include a fisheries co-operative or a charity with a retail shop. Religious-affiliated non-profits, such as churches, may utilize funding only for renovation or new construction of portions of an impacted physical structure that have non-sectarian uses.
The Stronger NJ Business Loan Program will continue to accept applications. The loan program offers loans of up to $5 million to businesses with no interest or principal payments for up to 24 months to businesses impacted by the storm, as well as businesses looking to expand within storm-impacted communities.
For more information on the Stronger NJ Business programs, including the complete list of eligibility criteria and eligible uses of funds visit application.njeda.com/strongernjbusiness. You can also call 1-855-SANDY-BZ (1-855-726-3929).