LDC and Lakewood Township Roll Out $1 Million Disaster Assistance Loan Program

Posted on November 16, 2012 By

The Lakewood Development Corporation (LDC) with the support of the Lakewood Township Committee has prepared a disaster assistance loan program designed for Lakewood Urban Enterprise Zone (UEZ) businesses impacted by super storm Sandy.

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.

Patricia Komsa, the executive director of the UEZ, says, “We at the LDC recognize the difficult situation many of our small businesses in Lakewood are now facing after Hurricane Sandy and the following Nor’easter.  We have moved quickly to allocate $1 million for a disaster assistance fund designated specifically to meet the critical financial needs of our business.”

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.