The recent flash flooding in the state, which inundated several areas, damaged homes and businesses and claimed lives has resulted in the Economic Recovery Center, a national leader in disaster recovery assistance, opening the application process for businesses affected.
The significant amount of rainfall has left countless small and medium-sized businesses at risk for operational setbacks, financial loss, and uncertain futures as they start the recovery process.
As businesses assess the damage, Economic Recovery Center has opened its portal to applicants in need of financial assistance.
Gov. Phil Murphy has declared a State of Emergency for all 21 counties, meaning a large number of applicants are expected to file in the coming days. However, with the recent 43% reduction in staff due to DOGE cuts, the application process has become more complicated, with many applications taking months to reach a loan officer, let alone receive the essential funding they need to survive.
“Statistically, 9 out of 10 disaster loan applicants never made it to the loan officer stage due to their lack of understanding of the application process, or they simply do not apply in time,” Kristin Norton, chief operating officer of Economic Recovery Center said. “Most government agencies were already understaffed, but with the DOGE cuts in April, it’s become critical for business owners to work with a financial advocate to obtain the funding as quickly as possible. And getting your application done early and compliantly can save weeks to months in the funding process.”
The Economic Recovery Center’s free eligibility review simplifies the process for business owners who are confused by or choose not to use SBA.gov’s open portal.
The agency is encouraging those affected by the floods to apply as soon as possible.
To expedite your application and avoid delays due to staff reductions and the expected large number of applicants, please call (385) 376-2372.
