April 2013- The destruction caused by Superstorm Sandy affected a large number of businesses throughout New Jersey. In order to help many of these New Jersey small businesses to recover, the New Jersey Community Development Block Grant Disaster Recovery Action Plan was proposed in early March. As a part of the plan, Governor Chris Christie's Administration will allow the New Jersey Economic Development Authority to help administer $500 million in funding for the following four activities.
- Any small businesses that experienced physical damage will be eligible for small business grants upwards of $50,000. At least $300 million in funds will be used towards these grants to help cover new construction, inventory, equipment, refinancing, mitigation, rehabilitation and working capital.
- Small businesses that sustained physical damage not covered by other sources will be eligible for no-interest loans ranging between $100,000 and $5 million. Not only are these loans meant to help businesses that experienced physical damage, but they should help fund growth and new businesses in areas that were affected by the storm.
- Communities will be granted funding upwards of $10 million to help rebuild commercial areas and improve public facilities such as sidewalks, streetscapes and lighting as well as help local economies to recover and strengthen.
- A tourism marketing campaign funded at $25 million will help to promote shore communities and businesses affected by the storm by letting the country know that the state of New Jersey is recovering and that it’s communities are open for business. The funds will also be used to help encourage citizens of New Jersey to support local companies by shopping local.
These four grants will go a long way in helping businesses affected by Hurricane Sandy to recover. However, it’s not smart to rely on government grants for the recovery of your business should another disaster occur. It’s for this reason that you should strongly consider business insurance for your company. Business insurance will help ensure financial recover as well as a quicker recovery should anything happen to your company. For more information about insurance for New Jersey small businesses, please be sure to visit us at CCW Insurance. Contact us today at firstname.lastname@example.org