Time running out to apply for disaster loans

Last Updated on Wednesday, January 23, 2013 01:43 pm Written by Staff Reports Tuesday, January 22, 2013 01:57 pm

Jan. 30 is the deadline for individuals, small businesses, and private non-profit organizations in Atlantic, Bergen, Burlington, Camden, Cape May, Cumberland, Essex, Gloucester, Hudson, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, and Union counties to apply for physical property damage loans from the U.S. Small Business Administration.

The Governor's Office of Recovery and Rebuilding notes that while nearly 130,000 individuals (homeowners, property owners, and renters) have registered with FEMA for assistance and have received an SBA disaster loan application, but only 15,300 applications have been returned so far.

Furthermore, while 35,700 businesses have also registered with FEMA for assistance and have received an SBA disaster loan application, fewer than 2,500 applications have been received so far.

Business owners, homeowners, renters, and property owners who have declined to submit an SBA disaster loan application for business or home repairs, or property replacement, may limit their ability to ultimately obtain grants and other assistance that may become available. State officials say it’s crucial that individuals register with FEMA and that businesses and individuals complete the SBA loan application so state officials can compile an accurate, comprehensive picture of the damage and the need for additional disaster recovery assistance.

Moreover, for businesses, an SBA Disaster Loan represents the best opportunity for disaster assistance.  While there are other programs that will provide assistance, those programs may be less comprehensive and more limited than what SBA Loans offer.

 In addition, programs that may be available in the future will most likely be tied to the SBA Disaster Loan application. 

There are several ways to apply:

Apply online at https://disasterloan.sba.gov./ela, or visit a Disaster Recovery Center located at the Ocean City Communit Center, 1735 Simpson Ave. Ocean City; Boardwalk Hall, 2301 Boardwalk, Atlantic City; and the Hamilton Mall, 4403 Blackhorse, Mays Landing.  A list of DRCs can be found at http://www.fema.gov/disaster-recovery-centers.

For information about the disaster loan process, or to have an application mailed to you, email This e-mail address is being protected from spambots. You need JavaScript enabled to view it or call (800) 659-2955, (800) 877-8339 for the deaf and hard-of-hearing.