New Jersey Community Capital Offers Low-Cost, Small Business Loans For Sandy Recovery

December 2012Alerts

New Jersey Community Capital (NJCC), a New Brunswick-based nonprofit, is offering low-cost loans to New Jersey small businesses to help them recover from the storm through its REBUILD New Jersey loan fund.

Business owners can apply to obtain REBUILD loans from $10,000 to $30,000, for up to 24 months at 3 percent interest, with an option for the first three months interest-free. The money can be used to pay for building repairs, equipment purchases, rent or mortgage payments, salary expenses and utility costs.

Businesses owners who were physically and economically impacted by Hurricane Sandy must be able to prove that the business was in operation for at least one year; have a minimum credit score of 625; and own or lease the property. Additional information about the loan program and application materials can be found on New Jersey Community Capital’s website. Potential applicants with questions should call 732.640.2061, x405.

New Jersey Community Capital is a 25-year old nonprofit lender that provides financial and technical assistance to support development in low- and moderate-income communities throughout New Jersey.

NJCC set aside $750,000 of its own money for the REBUILD New Jersey fund and received donations and loans totaling over $3.15 million from other nonprofits, banks and government agencies, including Goldman Sachs, JPMorgan Chase, TD Bank, New Jersey Economic Development Authority, Jersey City Economic Development Corporation, Asbury Park Urban Enterprise Zone and New Jersey Natural Gas. NJCC continues to accept contributions as it looks to expand the fund’s reach. Individuals and organizations interested in donating to the fund can call 732.640.2061, x406.

Fox Rothschild is here to support the needs of recovering businesses and has created a Disaster Recovery Consultation Unit comprised of a cross-practice team of attorneys fluent in insurance, tax, labor and employment, construction, government contracts and litigation issues. We encourage you to reach out to a Fox Rothschild attorney if we may be of assistance.

If you have questions about this Alert, please contact Marie Masherin, Chief Lending Officer at NJCC, at 732.640.2061 or [email protected].