About three months ago Hurricane Sandy hit the east coast, leaving destruction in its wake. The damage affected millions of families. In addition to damaging homes, Sandy also took a toll on coastal businesses, battering their headquarters and immobilizing the people who make up their customer base.
Now the state of New Jersey is offering a helping hand to businesses affected by the storm. Governor Chris Christie recently announced a new grant program designed to help business owners recover and get back to work. After the storm, many local businesses petitioned the state government to provide grants for relief rather than loans. Now their requests have been granted.
The Small Business Administration offers disaster loans but they were not reaching the New Jersey business owners who needed them most. The new program is targeted at the businesses who really need the financial help and will hopefully put the state back in business as soon as possible.
The grants will be administered by the U.S. Department of Housing and Urban Development and the New Jersey Economic Development Authority. Details about the amounts of grants have not been announced.
Being a business owner is a great responsibility - and when financial obligations become overwhelming the burden of an overextended business can be crushing. In addition to grants like these, some businesses also have the option of going through the commercial bankruptcy process. Commercial bankruptcy allows businesses to reorganize and restructure their debt, liquidate assets and move forward.
If you own a business that is struggling financially, it may be hard to know where to turn. Consider enlisting the help and knowledge of an attorney experienced in both commercial law and bankruptcy matters. He or she can advise you of your options and help you plot an appropriate course of action. The sooner you act, the sooner your business and your financial health can begin to recover.
Source: New Jersey Newsroom, "Grant Program Directed at NJ Small Businesses," Feb. 3, 2013
To learn more about bankruptcy for businesses, please visit our website.