[Source:  Click here for full article at NJEDA Website] 

In support of Governor Chris Christie’s commitment to get grant assistance to storm-impacted businesses as quickly as possible, the New Jersey Economic Development Authority (EDA)  held a special Board meeting approving the creation of the Stronger NJ Business Grant Program. Beginning May 1, small businesses that sustained at least $5,000 in Sandy-related physical damage can apply for grants of up to $50,000. …

“The Governor’s immediate goal is to get grant assistance to impacted businesses to ensure they have the capital needed to resume or maintain their operations,” [said EDA Chief Executive Officer Michele] Brown . “The Stronger NJ Business Grant program will allow us to get critically needed funding to our impacted businesses in the most expeditious way.” 

Under the Stronger NJ Business Grant program, small businesses may apply for grants of up to $50,000 per location. All applicants under the program must have sustained at least $5,000 in Superstorm Sandy-related physical damage, including damage to real property and non-perishable/non-consumable inventory. Eligible uses of grant funds include reimbursement of working capital, inventory, equipment, renovation and new construction at the place of business. HUD may require funds for physical damage, including equipment, furnishings, fixtures, machinery, and construction to be subject to additional reviews, environmental clearances, and National Flood Insurance Protection coverage that could delay the provision of grant assistance. Grants to businesses located in Special Flood Hazard Areas may be structured as forgivable loans in order to assist the applicant in complying with federal requirements for property insurance. …

Applications must be received on or by October 31, 2013. For more information on the Stronger NJ Business Grant program, including:  the complete list of eligibility and eligible uses of funds, application overview and instructions, Q&A, deadlines, etc.  visit application.njeda.com/strongernjbusiness or call EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929).