Superstorm Sandy devastated many businesses in New Jersey, causing substantial commercial property damage and short-term and long-term business operations losses. In addition to the physical damage Sandy caused to businesses themselves, widespread power outages resulted in inventory losses and working capital losses. Damage to public infrastructure such as roads, rail and bridges as well as compromised water utility systems and gas unavailability compounded those damages. While Superstorm Sandy caused damage across all state industries, some industries – particularly the tourism industry – were substantially affected.
New Jersey has implemented four economic recovery and revitalization programs with Community Development Block Grant (CDBG) Disaster Recovery funds. These programs focus on direct assistance to small businesses to satisfy unmet needs, financial support to storm-affected communities for economic revitalization efforts, and a marketing campaign to inform the public that New Jersey’s tourism assets are open for visitors.
The following recovery programs apply to businesses:
- Stronger NJ Business Grant Program
- Stronger NJ Business Loan Program
- Tourism Marketing
- Neighborhood and Community Revitalization Program