In the immediate aftermath of Superstorm Sandy, NJCC created and capitalized the REBUILD New Jersey disaster recovery fund to provide low-cost loans to Sandy-impacted small businesses across New Jersey, many of whom did not have access to traditional lending products. REBUILD loans help impacted businesses quickly address such needs as building repairs, equipment and inventory replacement, rent or mortgage payments, salary expenses, and utility costs. Loans range from $10,000 to $65,000, extend up to 36 months with an option for an additional 3 months interest-free, and maintain a fixed interest rate of 3%. There are no fees associated with REBUILD, and loans are typically closed within two-weeks of NJCC’s receipt of a full application.

NJCC has expanded its REBUILD loan products over time to continually fulfill the short-term and long-term needs of rebuilding small businesses. For example, in April 2013, NJCC reduced REBUILD’s minimum qualifying FICO score from 625 to 600, expanded its maximum loan size from $30,000 to $65,000, and extended its maximum loan term from 24 to 39 months, making the loan more accessible and useful to small businesses with ongoing recovery needs. NJCC also expanded the REBUILD program beyond small businesses to also support the development of emergency housing, education facilities, and other community facilities.

Loan Terms

Loans between $10,000 and $65,000

Affordable fixed interest rate at 3%

Loan term up to three years, with an option for an additional three months interest free

Collateral: UCC-1 filing on equipment purchases in excess of $10,000; personal guarantees from business owners

Absolutely no fees!

Eligibility

Businesses physically and economically impacted by Hurricane Sandy

Located in New Jersey

In operation for at least two years

Minimum credit score of 600, larger loans may require a higher credit score

Other underwriting criteria may apply

How to Apply

Download and complete the loan application documents:

Completed applications should be submitted, along with all required supporting documents, via mail, e-mail, or fax, to:



New Jersey Community Capital

Attention: REBUILD New Jersey

Daniel Arndt, Lending Officer

108 Church Street, 3rd Floor, New Brunswick, NJ 08901

E-mail: darndt<at>njclf.com Fax: 732.543.1201

Phone: 732.640.2061 x405

REBUILD was made possible by generous contributions from several key investors: