Superstorm Sandy Low Interest Recovery Loans – Update
The U.S. Small Business Administration, or SBA, has reopened the filing application period for home owners, renters, businesses of all sizes, and non-profit organizations in New Jersey affected by Superstorm Sandy to request disaster loan assistance to recover from the storm. The additional time offers another opportunity for anyone affected by the storm to request low-interest disaster loans to rebuild. The new deadline to submit an SBA disaster loan for physical damage and economic injury is December 1, 2016.
To be considered for financial assistance, you should complete an SBA disaster loan application. You can apply online at www.sba.gov/disaster , visit a recovery center near you, or call 800-659-2955. Rates are as low as 1.688% for home owners and renters, 3% for non-profits, and 4% for businesses, with repayment terms of up to 30 years.
If your application was previously approved, declined, or withdrawn and you need to recover, you should submit an application to the SBA to be considered for disaster loan assistance.
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