News Column

Recovery Grants and Loans Support Atlantic City Businesses

May 20, 2014



TRENTON, N.J., May 20 -- The New Jersey Economic Development Authority issued the following news release:

As a result of the state's ongoing commitment to support small businesses impacted by Superstorm Sandy, the New Jersey Economic Development Authority (EDA) today announced the approval of Stronger NJ Business Grants to several Atlantic City businesses, including Crystal Nails, Web Feet Beach Boutique, Pier 21 and North Point Marina. To date, the EDA has approved over $3.3 million in grants and loans to 20 businesses in Atlantic City.

"Atlantic City holds an important place in the NJ tourism industry due to its unique combination of gaming and beach activity," said EDA Chief Executive Officer Michele Brown. "As we approach Memorial Day, I'm happy to see Atlantic City and the whole shore region getting back on its feet for what will hopefully be a booming tourist season."

"As other local proprietors ramp up for our second summer since Sandy, we remain proud to be part of Atlantic City's thriving business community," said Dotty Webb, Owner, Web Feet Beach Boutique, Gardner's Basin. "We appreciate the support of our customers and the help the state has provided, and we look forward to a lively summer."

EDA business advisors are in Atlantic City today for one-on-one meetings with Stronger NJ applicants, to assist with the completion of their applications. This will help expedite the process and ensure that additional burdens are not placed on the businesses. The EDA expects to hold workshops twice per week throughout May and into June.

Applicants are contacted via telephone prior to the workshops to schedule appointments and are informed of any documentation or information needed to complete their application. Since May 6th, workshops have been held in Seaside Heights, Beach Haven, Sea Bright, Ocean City, and Atlantic City, with assistance provided to over 50 businesses. Additional workshops are being scheduled in towns where a need is identified.

To date, over 490 impacted businesses in New Jersey have been approved for grants and loans totaling more than $53.4 million. Additionally, the EDA has recommended the approval of eleven municipalities, including Atlantic City, for Streetscape grants totaling $10 million under the Stronger NJ Neighborhood and Community Revitalization (NCR) program. Also under NCR, the EDA has provided $2.5 million in grants to five Community Development Financial Institutions offering recovery loans to Sandy-impacted small businesses.

The Stronger NJ programs are funded through New Jersey's Community Development Block Grant Disaster Recovery (CDBG-DR) allocation from the United States Department of Housing and Urban Development (HUD). Similar to other Sandy relief grant programs, there are strict federal eligibility requirements to which the EDA and applicants must comply.

For more information on the Stronger NJ Business programs, visit http://application.njeda.com/strongernjbusiness or call EDA's Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929).

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