SBA LOANS FOR COUNTIES DEVASTATED BY SPRING FLOODING
O’TOOLE, RUMANA AND RUSSO LAUD AVAILABILITY OF SBA LOANS FOR
COUNTIES DEVASTATED BY SPRING FLOODING
State Sen. Kevin O’Toole, Assembly Republican Deputy Conference Leader Scott Rumana and Assemblyman David Russo, R-Passaic, Bergen and Essex, said the announcement today by the Christie administration that low interest Small Business Administration (SBA) loans of up to $200,000 are now available to flood victims in Passaic, Essex, Bergen and Morris counties, whose homes and property were damaged or destroyed during March’s torrential rain storms, is excellent news for homeowners in the region.
The 40th Legislative District lawmakers, who represent residents living in the Passaic River Basin , lauded Governor Christie for his efforts in making sure homeowners affected by the severe flooding receive much needed assistance despite the Federal Emergency Management Agency’s (FEMA) denial of aid in April.
Sadly, the Federal Emergency Management Agency decided to deny property owners and tenants, who were impacted by the severe flooding this spring, any type of assistance,” O’Toole began. “However, low-interest loans from the Small Business Administration recently became available to help tenants, homeowners and businesses rebuild. I urge all of our constituents who have suffered property damage from the floods to take advantage of this program as a way to help get back on their feet.”
“More than 4,000 homes in Passaic , Bergen , Essex, Morris and Warren Counties were affected by the devastating floods,” stated Rumana. “Many of these homeowners were low income and either uninsured or underinsured and the federal government abandoned them in their time of need. Governor Christie, however, did not and continued the fight to make sure these residents and business owners receive the help they need to rebuild their homes and their lives.”
“This loan program is very welcome news for the many homeowners who lost so much in the severe flooding that occurred in March,” said Russo. “Apparently, the federal government didn’t understand the magnitude of this event and its crippling affect on our residents, our businesses, our municipalities, our counties, and our state, but thankfully, Governor Christie did. These loans will be very beneficial for the many who suffered great loss.”
Homeowners in Hudson , Hunterdon, Somerset , Sussex , Union and Warren counties are also eligible to apply for the low-interest loans to repair damage that occurred March 10 throughMarch 17, 2011, while those in Gloucester , Atlantic, Camden , Cumberland and Salem are eligible for SBA loans due to flooding which took place on April 16, 2011. Homeowners and renters are also eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.
Individuals and businesses may obtain information on loan applications by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for people with speech or hearing disabilities), Monday through Friday from 8 a.m. to 6 p.m., and Saturday from 9 a.m. to 5:30 p.m.
