News Column

Recovery Grants and Loans Support Monmouth County Businesses

May 22, 2014



TRENTON, N.J., May 22 -- The New Jersey Economic Development Authority issued the following news release:

To showcase the rebuilding of small businesses impacted by Superstorm Sandy, the New Jersey Economic Development Authority (EDA) announced the award of Stronger NJ Business Grants to Manasquan businesses, including Gee Gee's Amusements, Ocean Star Fuel, and Deep Creek Cove Marina. Due Amici, an Italian restaurant in nearby Brielle, was also approved. To date, 83 Monmouth County businesses have been awarded grants and loans totaling $9.1 million.

"Manasquan represents many Jersey shore towns that rely on summer tourism to thrive and grow," said EDA Chief Executive Officer, Michele Brown. "As we kick-off the 2014 summer season, the state remains committed to helping Sandy-impacted businesses, both in tourist destinations, as well as other parts of the State."

"After 28 years as a fixture in Manasquan, we were not about to give up," said Fred Bryant, Owner, Gee Gee's Amusements, "We are excited to get this summer started and are hopeful for a busy season. We very much appreciate the support of our community and the state."

EDA business advisors are in Manasquan today for one-on-one meetings with Stronger NJ applicants to assist with the completion of their applications. According to Brown, the goal of these workshops is to help expedite the process and ensure that additional burdens are not placed on the businesses.

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, Atlantic City, and Manasquan, with assistance provided to over 50 businesses. Additional workshops are being scheduled in towns where a need is identified.

To date, over 500 impacted businesses in New Jersey have been approved for grants and loans totaling more than $53.7 million. Additionally, the EDA has recommended the approval of eleven municipalities 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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