Stronger NJ Business Programs

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1 JULY 14, 2015 Stronger NJ Business Programs Bruce Ciallella Managing Director Office of Recovery

2 New Jersey Economic Development Authority What We Do Mission: The New Jersey Economic Development Authority (EDA) is a State agency that finances small and mid-sized businesses, administers state tax incentives to retain and grow jobs, revitalizes communities through redevelopment initiatives, and supports entrepreneurial development by providing access to training and mentoring programs. Strategy: The EDA helps to bridge financing gaps and increase access to capital, with an emphasis on small businesses.

3 Superstorm Sandy October 29, 2012

4

5 Superstorm Sandy Facts Hurricane Sandy (unofficially known as "Superstorm Sandy") was the deadliest and most destructive hurricane of the 2012 Atlantic hurricane season. Second-costliest hurricane in United States history (second only to Katrina) Estimates as of May 2013 assessed damage to have been over $68 billion At least 233 people were killed along the path of the storm in eight countries.

6 Economic Recovery & Revitalization Post-Sandy Governor Christie called on the EDA to administer the portion of New Jersey s Community Development Block Grant - Disaster Recovery (CDBG-DR) allocated to support storm-impacted businesses. EDA established Office of Recovery to oversee and execute on recovery programs. $200 million allocated for grants and loans for small business recovery. This is the EDA s first disaster recovery effort.

7 Economic Recovery & Revitalization Post-Sandy EDA is a sub-recipient of HUD CDBG-DR funds. New Jersey Department of Community Affairs (DCA) is grantee EDA launched the Stronger NJ Business Grant Program in May 2013, followed by the Stronger NJ Business Loan Program in July of $100 million was allocated for each program

8 Stronger NJ Business Grant Program Overview IF YOU ARE: A New Jersey-based small business or non-profit that sustained a minimum of $5,000 in physical damage from Superstorm Sandy ELIGIBLE FOR: Grants or forgivable loans of up to $50,000; max of $250,000 for entities with multiple, incorporated locations in the state. TO BE USED FOR: Working capital related expenses

9 Stronger NJ Business Grant Program Key Points & Eligibility Requirements Applicants must be a small business, as defined by the SBA, and have annual revenues of at least $25,000 and no more than $5 million. CDBG Disaster Recovery funds are intended to address unmet needs not satisfied by private insurance, the Federal Emergency Management Agency, the U.S. Small Business Administration (SBA), or other sources. Until August 1, 2013, businesses were required to apply to the SBA first, then seek help from EDA once they received a disposition from SBA. After that deadline, they could apply directly with EDA Grant funds are considered to be funds of last resort. Businesses must exhaust other options before applying.

10 Establishing Eligibility

11 Stronger NJ Business Loan Program Overview IF YOU ARE: A New Jersey-based small business or non-profit that 1) sustained a minimum of $5,000 in physical damage from Superstorm Sandy; or 2) meets an economic revitalization criteria* YOU MAY BE ELIGIBLE FOR: Low-cost loans up to $5 million for renovation or new construction, or working capital needs. *Businesses located outside the nine most impacted counties must meet the $5,000 damage/loss requirement.

12 Stronger NJ Business Loan Program General Uses & Terms Working capital (operating expenses), inventory, equipment, machinery, fixtures, furnishings and prospective renovations and construction. Zero percent interest and principal moratorium for first 24 months. After, follows the 5-year Treasury Fixed at closing for terms up to 10 years Reset every 10 years for up to 30-year maximum term The first $50,000 of loans to projects that meet all Stronger NJ Grant eligibility criteria and conditions may be forgivable. If the business already received a grant, no portion of the loan is forgiven.

13 Stronger NJ Business Loan Program Key Points & Eligibility Requirements Applicants must be a small business, as defined by the SBA, and have annual revenues of at least $25,000. CDBG Disaster Recovery funds are intended to address unmet needs not satisfied by private insurance, the Federal Emergency Management Agency, the SBA or other sources. Until August 1, 2013, businesses were required to apply to the SBA first, then seek help from EDA once they received a disposition from SBA. After that deadline, they could apply directly with EDA

14 Outreach Efforts The EDA worked closely with local government officials, Chambers of Commerce, various business organizations, and major corporations such as Public Service Electric & Gas and NJ Manufacturers Insurance to help spread the word about available assistance. Between the launch of the grant program on May 1, 2013, and the December 31, 2013 deadline, the EDA held more than 51 workshops in towns in all Sandy-impacted counties during which EDA Business Advisors met one-onone with more than 600 business owners. EDA representatives also participated in numerous mobile cabinets hosted by the Governor s office, in impacted communities, to provide information to members of the community. Eight one-stop locations were established in impacted communities, to make it easier for applicants to get assistance when and where it was convenient for them. Interns went door-to-door in impacted areas to ensure business owners were aware of available assistance.

15 Outreach Efforts (cont d.) An extensive media campaign was undertaken, consisting of news releases and advisories to a long list of reporters at both state and local publications and websites, resulting in significant coverage in many local and statewide publications and broadcast media outlets. Print ads and radio public service announcements were run in both English and Spanish media outlets covering impacted communities Following the application deadline, it was determined that many business owners had submitted applications, but needed additional support to complete them. In the first half of 2014, an additional 11 workshops were held, during which more than 100 business owners received support. A Staples location in Brick, NJ on two separate occasions, generously allowed Stronger NJ Business applicants to meet with an EDA representative onsite and make copies of required documentation at no charge. One-pager created to explain basic documentation needed to start an application makes the process seem less overwhelming

16 Basic Eligibility One-Pager

17 Managing Applications Call center established for applicants to call for information on starting an application or following up Applicant contact data collected via website form for potential applicants to request program updates Each applicant had a dedicated business advisor Early in 2014, implemented a team approach to ensure applicants could always reach someone. Allowed for streamlining of processing of applications Helped to balance workload

18 Stronger NJ Business Program Results grants approved to date, totaling $54+ million. 74 loans approved totaling $66.6 million. $39.6 million disbursed to date. Process of applications and disbursement of funds is still in progress. Anticipate decisions on all applications by end of 2015.

19 Critical Partnerships HUD has provided tremendous resources for technical assistance and training Worked closely with DCA, as they are CDBG-DR grantee. Established relationships with other entities to ensure no duplication of benefits SBA cross-checked lists of applicants with SBA approvals and declinations FEMA established relationship to facilitate flow of information National Flood Insurance Program (NFIP) provided access to online portal for research on our applicants Insurance Companies reached out to major carriers, navigated consent for sharing information on behalf of applicants

20 Lessons Learned/Best Practices Establish a centralized, scalable system Salesforce Use standard checklists and review guide for compliance put structure around compliance process Coordination of reporting to maintain transparency and compliance Understanding the reimbursement nature of the funding key to determining eligibility of expenses Tracking of HUD allocation to ensure spending within two-year timeframe Working within the confines of the SBA definition of small business Getting the right people in place quickly!

21 Lessons Learned/Best Practices (cont d.) Duplication of benefits check Leverage relationships with other organizations Underwriting 24 CFR Part 570 Appendix A Cross-cutting regulations Working capital vs. construction loans Varying degrees of sophistication among applicants Disbursements Reimbursements, documentation Cross-cutting regulations Working capital vs. construction loans

22 Duplication of Benefits Calculation

23 Establishing Need

24 Mindset Flexibility is key Utilize HUD technical assistants for guidance when needed Use of waivers when appropriate Be prepared for considerable back and forth with applicants

25 Contact Information Bruce Ciallella Managing Director, Office of Recovery New Jersey Economic Development Authority Thank you!

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