Small Business Administration Offering Disaster Loans to Businesses in Atlantic County, Cape May County, and Surrounding Areas

The U.S. Small Business Administration (SBA) is providing low-interest federal disaster loans to small businesses and private nonprofit organizations in New Jersey that experienced economic losses due to the drought. The disaster declaration includes Atlantic, Cape May, Cumberland, and Gloucester counties, as well as the neighboring counties of Burlington, Camden, Ocean, and Salem. The SBA’s Economic Injury Disaster Loan program is available to eligible small businesses, agricultural cooperatives, nurseries, and nonprofits facing financial losses directly caused by the drought. However, the SBA cannot provide loans to agricultural producers, farmers, or ranchers, except for aquaculture businesses.
The loans, which can reach up to $2 million, offer interest rates as low as 4% for small businesses and 3.625% for nonprofits. Loan terms can extend up to 30 years and may be used to cover fixed debts, payroll, accounts payable, and other unpaid bills due to the disaster. Applicants can visit sba.gov/disaster, call the SBA’s Customer Service Center at 800-659-2955, or email disastercustomerservice@sba.gov for further details. The application deadline is December 8.