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Small Businesses in New Jersey to Receive $460 million in Federal Disaster Aid Grants

New Jersey Economic Development AuthoritySmall businesses in New Jersey hit by Hurricane Sandy received a bit of good news recently. The state's Economic Development Authority plans to issue $460 million in grants to help small businesses get back on their feet. Applications are now being accepted.

The new program is called the Stronger New Jersey Business Grant program. Any small business whose damage was $5,000 or more will receive grant assistance through the program. The grants are up to $50,000 per location, or up to $250,000 for businesses with multiple locations that were damaged; only one application is needed.

Both for-profit and non-profit businesses may apply for the grants. The grants are in the form of forgivable loans. The program is a welcome relief to over 300 small business owners who requested help. Some of these businesses managed to get small loans but it just isn't enough.

In addition to the grant money, the agency is also providing $25 million for a marketing and advertising campaign to help restore tourism for the affected small businesses. This initiative is being funded by Community Development Block Grant Disaster Recovery funds. The campaign will reach consumers in New York and Philadelphia through television, radio, billboard and Internet advertising.

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