Supporting Our Small Business Community
The NJ Small Business Development Center (NJSBDC) at NJCU is here to help!
As our community feels the effect of the COVID-19’s state of emergency, we would like to remind the Hudson County community that our center is working hard to bring support to our small business owners which in-turn supports countless employees.
As of March 19, 2020, The U.S. Small Business Administration (SBA) has approved all New Jersey counties for federal disaster assistance, making New Jersey businesses eligible to apply for Economic Injury Disaster Loans (EIDLs).
For assistance in the application process,register here: sbdchudsoncounty.com/requestcounseling
If you are already registered with us and would like support in the application process, email: s firstname.lastname@example.org
To be eligible for EIDL assistance, New Jersey-based small businesses or private non-profit organizations must have sustained economic injury, as well as being located in a disaster-declared county or contiguous county, which all New Jersey counties currently are.
- ● Credit History– applicants must have a credit history acceptable to SBA.
- ● Repayment– applicants must show the ability to repay the loan.
- ● Collateral– collateral is required for all EIDL loans over $25,000.
The SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but it will require the borrower to pledge collateral that is available.
The interest rate is determined by formulas set by law and is fixed for the life of the loan. The maximum interest rate for this program is 3.750 percent.
The law authorizes loan terms up to a maximum of 30 years. The SBA will determine an appropriate installment payment based on the financial condition of each borrower, which in turn will determine the loan term.
The law limits EIDLs to $2,000,000 for alleviating economic injury caused by the disaster. The actual amount of each loan is limited to the economic injury determined by the SBA, less business interruption insurance and other recoveries up to the administrative lending limit. The SBA also considers potential contributions that are available from the business and/or its owner(s) or affiliates.
WHAT YOU NEED FOR THE APPLICATION
The SBA requires businesses to first fill out the following forms:
- ● Disaster Business Loan Application ( use this for practice or to mail in your application)
- ● Transcript of Tax Return (Form: 4506-T)
- ● Schedule of Liabilities
- ● SBA Additional Filing Requirements (Form: 1368)
- ● SBA Form 413 APPLICATION PROCESS
Applicants may a pply online (here) and receive additional disaster assistance information (here).
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155
- ● SBA’s 3 Step Process for Disaster Loans
- ● SBA’s Step by Step Application Instructions via Powerpoint Presentation
- ● SBA’s Fact Sheet on Economic Injury Disaster Loans
- ● PRESS RELEASE: SBA Offers Disaster Assistance to NJ Small Businesses
Economically Impacted by the Coronavirus (COVID-19)
- ● COMUNICADO DE PRENSA: SBA ofrece asistencia por desastre a las
pequeñas empresas de NJ económicamente afectadas por el coronavirus (COVID-19)
Our community is strong and supportive, and our office is here H elping Businesses Grow & Succeed.