Lakewood UEZ Increases Disaster Assistance Loan Funds by $500,000

Posted on December 20, 2012 By

As part of its disaster assistance loan program, the Lakewood Development Corporation (LDC) with the support of the Lakewood Township Committee approved another $500,000 for Lakewood Urban Enterprise Zone (UEZ) businesses impacted by super storm Sandy. Originally the LDC had set aside one million dollars.

Patricia Komsa, the executive director of the UEZ, says, “The disaster assistance loan program was well-received. So far we have approved about 40 loans, totaling $1.2 million dollars. Once the disaster assistance loan committee met with applicants and realized the extent of their losses, we decided to allocate an additional $500,000 beyond the $1 million already set aside to meet the critical financial needs of our business.”

Many businesses in Lakewood’s UEZ zone were without power for two weeks or more. In addition to the storm damage caused by Sandy, restaurants and grocery stores were especially hard hit, having lost groceries, other perishable items, in addition to their overall loss of business revenue.

The disaster assistance loans granted are being used to replace equipment and inventory, and provide money for cash-flow shortages.

The loan program, a two-tiered system, provides initial approvals for loans up to $10,000, with no interest for three (3) years. Businesses may also apply for extended assistance loans of an additional $25,000 at two percent (2%) interest for 10 years.

Loan applications can be found online at www.lakewoodnj.gov/department/uez or at the Lakewood Municipal Building, 231 Third Street, Lakewood, 2nd Floor, Room 12. Assistance is available in filling out the application forms. Businesses located within the UEZ but not yet certified can still become UEZ certified in order to become eligible for disaster assistance.

For further information, call Patricia Komsa at 732-364-2500 x5257.

About the UEZ:  The Urban Enterprise Zone program was designed to foster economic growth to revitalize and stimulate designated urban communities.  The program encourages businesses to create private-sector jobs though public and private investment. More than 8,000 businesses throughout the state and more than 500 businesses in Lakewood benefit from tax and financial incentives. Personnel from the Lakewood UEZ are available to discuss program eligibility and answer questions.

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