New Jersey Business Disaster Assistance

This short podcast covers some things you should be aware of as a New Jersey small business owner in the case of a disaster. Ron Johnson interviews James Rivera, the Associate Deputy Associate Administrator for Disaster Assistance at the Small Business Administration (SBA).

If disaster strikes your New Jersey business – you’ll find out what to do to cover yourself and take the sting out of it.

Quote from the podcast:

Ron Johnson: What is SBA’s role when a disaster is declared?

James Rivera: SBA’s Office of Disaster Assistance provides low-interest loans to help disaster victims repair or replace personal or physical property not covered by insurance. Often, individuals and businesses are uninsured or underinsured. When losses are suffered, SBA can make loans to homeowners, renters, and businesses.

Ron Johnson: So James, what types of disaster assistance loans are available from the SBA?

**************

James Rivera: For homeowners and renters, SBA can make loans to repair or replace personal property, items such as clothing, furniture, cars, or appliances damaged or destroyed by the disaster. Homeowners that sustain damage to the real estate may also receive a loan to repair or replace their primary residence. For businesses and nonprofits, we have two types of loans available. Physical disaster loans can be used to repair or replace items such as damaged real estate, machinery and equipment, inventory and furniture and fixtures, et cetera, and we also have an economic injury disaster loan to pay for fixed operating expenses or in other words, a working capital loan to pay for rent or electricity that would have been paid had the disaster not occurred.

****************

SBA Provides Disaster Assistance to Homeowners, Renters, Businesses

( Transcript)

If you have any experience with using the SBA for your New Jersey (or other state) business disaster assistance feel free to leave comments about it below.