EDA to partner with African American, Hispanic chambers to assist those seeking SBA disaster relief loans

The New Jersey Economic Development Authority will partner with the African American Chamber of Commerce of New Jersey and the Statewide Hispanic Chamber of Commerce of New Jersey in an effort to offer support services to businesses impacted by the remnants of Hurricane Ida that are seeking federal financial assistance through the U.S. Small Business Administration.

Businesses impacted by damage from the Ida and Henri may be eligible for the SBA’s Non-COVID Economic Injury Disaster Loan program and/or the Business Physical Disaster Loan program. Loans of up to $2 million are available through both programs.

The SBA’s Physical Disaster and EIDL programs are available to businesses, nonprofit organizations, homeowners and renters in Bergen, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Morris, Passaic, Somerset, Union and Warren counties.

This assistance provided by the AACCNJ and SHCCNJ includes, but is not limited to, preparing financial information, packaging application documentation and completing and submitting the online or paper-based application. Compensation for these organizations will be based on completed and submitted SBA applications.

This technical assistance is the latest in a series of steps New Jersey is taking to provide one-on-one assistance to New Jersey small businesses impacted by Hurricane Ida, EDA CEO Tim Sullivan said.

“Public- and private-sector partners have been essential to the state’s COVID recovery efforts, and these partnerships remain critical as we work to assist businesses and nonprofits, including those in historically underserved communities, recovering from the damage and economic disruption caused by recent severe weather,” Sullivan said.

“The AACCNJ and SHCCNJ will help to connect business owners and entrepreneurs with funding while we continue to work with Gov. Phil Murphy to assess the needs of businesses and develop additional resources to help make them whole.”

AACCNJ CEO John Harmon said his group is ready to help.

“The AACCNJ is committed to assisting its constituents with securing SBA assistance to help them recover from devastation resulting from Hurricane Ida,” he said.

“Small business owners and employers throughout the state can rest assured that we are here to help and will leverage our partnerships and expertise to guide them through the SBA application process.”

SHCCNJ CEO Carlos Medina agreed.

“The chamber is eager to work with business owners and nonprofit leaders to help secure the SBA funding that will be so critical to their recovery from damage caused by Ida,” he said. “This storm occurred at a time when businesses were bouncing back from the pandemic, and we hope that our assistance will get them quickly back on their path toward recovery.”