***0 Disaster News***![](media/image1.png){width="1.5847222222222221in"
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***Loans for Homeowners, Renters and Businesses of all Sizes***

SBA Disaster Assistance -- Field Operations Center- East - One Baltimore
Place, Suite 300 - Atlanta, GA 30308

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**Release Date:** April 26, 2007 **Contact:** Michael Lampton

**Release Number:** 07-359, NJ 10855/10856 **Phones:** 404-347-3771

**SBA STANDS READY TO ASSIST VICTIMS**

**OF RECENT SEVERE STORMS; AND FLOODING IN NEW JERSEY**

**ATLANTA** -- Following the announcement of the Presidential disaster
declaration in New Jersey covering several counties as a result of
severe storms, inland and coastal flooding April 14-20, 2007;
Administrator Steven C. Preston of the U. S. Small Business
Administration issued the following statement:

"We look forward to working with the State of New Jersey to make
low-interest federal disaster loans available to homeowners, renters and
businesses," said Administrator Preston. "We will be swift in our
efforts, along with our partners at the Federal Emergency Management
Agency, to help New Jersey disaster victims rebuild their homes and
businesses."

Once local recovery facilities are identified in the declared counties,
SBA officials will be providing one-on-one assistance to disaster loan
applicants.

# The declared counties of Bergen, Burlington, Essex, Passaic, Somerset and Union are eligible for both Physical and Economic Injury Disaster Loans (EIDLs) from SBA. The contiguous counties of Atlantic, Camden, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, Sussex in the **State of** **New Jersey**; contiguous Bronx, New York, Orange, Rockland, Westchester counties in the **State of New York**; and contiguous Bucks and Philadelphia counties in the **Commonwealth of Pennsylvania** are only eligible to apply for SBA EIDLs. 

Disaster loans up to \$200,000 are available to homeowners to repair or
replace damaged or destroyed real estate. Homeowners and renters are
eligible up to \$40,000 to repair or replace damaged or destroyed
personal property.

Businesses of any size and private non-profit organizations may borrow
up to \$1.5 million to repair or replace damaged or destroyed real
estate, machinery and equipment, inventory, and other business assets.
SBA can also lend additional funds to help with the cost of making
improvements that protect, prevent or minimize the same type of disaster
damage from occurring in the future.

For small businesses only, SBA offers Economic Injury Disaster Loans
(EIDLs) to help meet working capital needs caused by the disaster. EIDL
assistance is available regardless of whether the business suffered any
property damage.

Interest rates can be as low as 2.875 percent for homeowners and renters
and 4.000 percent for businesses with terms up to 30 years. Loan amounts
and terms are set by SBA and are based upon each applicant's financial
condition.

To be considered for all forms of disaster assistance, victims must
first call the Federal Emergency Management Agency (FEMA) at
1-800-621-FEMA (3362). Additional details on the location of Disaster
Recovery Center (s) and the loan application process can be obtained by
calling the SBA Customer Service Center at 1-800-659-2955.

The **filing deadline** to return applications for property damage is
[June 25, 2007]{.underline}. The **filing deadline** for Economic Injury
Disaster Loans applications is [January 28, 2008]{.underline}.

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**For more information about the SBA's Disaster Loan Programs, visit our
web site at**
[*www.sba.gov/services/disasterassistance*](http://www.sba.gov/services/disasterassistance)