15 Sep 2014
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Patch Instagram photo by nrdavispeace
Patch Instagram photo by nrdavispeace
Patch Instagram photo by nrdavispeace
Patch Instagram photo by nrdavispeace

New Small Business Loans Available

Homeowner loans offer interest rates as low as 5.12 percent.

New Small Business Loans Available

Low-interest Small Business Administration loans of up to $200,000 are now available to homeowners in Morris and nine other counties, according to the Christie administration.

The loans are designed to help homeowners whose property was damaged during floods that took place March 10 through 17. They offer interest rates as low as 5.12 percent.

Starting today, SBA's Disaster Loan Outreach Center staff will answer questions about the loan program and help people with their applications.

In northern New Jersey, the center is in the Woodland Park Municipal Building, 5 Brophy Ln., Woodland Park. The center, held in the community room through July 2, will be open Monday through Friday, 9 a.m. to 5 p.m., and on Saturday from 9 a.m. to 1 p.m.

Besides Morris, homeowners in Passaic, Essex, Bergen, Hudson, Hunterdon, Somerset, Sussex, Union and Warren are also eligible to apply for the low-interest loans.

Homeowners and renters in those counties are also eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. Businesses and nonprofit groups may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

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