Interactive Map: Sandy Recovery Loans

The total amount of Sandy recovery loans awarded by the U.S. Small Business Administration through March 20. The darker the color, the larger the loan total. To see by zip code the number, total amount, average, and range of loans by type of loan, click on an area.

Source: U.S. Small Business Administration

New Jersey home and business owners already have received more than $684 million in federal loans to help rebuild and recover from superstorm Sandy, according to officials with the U.S. Small Business Administration.

The SBA had provided almost 9,500 loans through March 20, according to its own data. More than 9 of every 10 loans have gone to homeowners, with 7 percent — or 658 — going to businesses. The loan amounts range from a low of $400 to $2 million.

The SBA has given loans in every county in the state since Sandy hit at the end of October. Two of the hardest-hit counties — Ocean and Monmouth — also have gotten the most loans. Some 4,347 loans worth $333 million have gone out to people and businesses in Ocean County, while Monmouth has gotten 2,246 loans valued at $160 million.

The largest loan, $2 million, which is the maximum available to businesses, went to Rozinante, Inc. for damaged property at 825 Ocean Ave., Sea Bright, which is the address of Sands Beach Club. Sea Bright is a thin strip of barrier island south of Sandy Hook that suffered major damage from the storm. Receiving a $1 million loan was R.M. Creations Inc., a metal service center and wholesaler at Craneway Street in Newark.

seabright flood

Due to the disaster declaration, homeowners are eligible to receive a loan of up to $200,000 for real estate, and homeowners and renters could get as much as $40,000 to repair or replace personal items. Businesses and nonprofits could get up to $2 million for damaged or destroyed buildings and equipment. Owners could receive a loan of up to 20 percent more than the value of a loss to make improvements that lessen the risk of the property being damaged in the future — for instance, for raising a home above flood level. Small businesses also are eligible for economic injury disaster loans to help meet working-capital needs.

Interest rates on SBA Sandy loans, available at terms of up to 30 years, are as low as 1.7 percent for homeowners and renters, 3 percent for nonprofits, and 4 percent for businesses.

SBA loans are one of the kinds of help the federal government is providing in the wake of the devastating storm. In its disaster recovery action plan submitted to the federal government to receive Community Development Block Grant money, the Christie administration estimates that Sandy affecting more than 86,700 housing units, causing some $3.8 billion in damage. The Federal Emergency Management Agency has been providing individual assistance to homeowners and renters, both to repair and replace damaged property and to cover temporary housing for those displaced by the storm. A database of FEMA grants shows the agency has paid about $367 million in grants for repairs, item replacement, rental housing, and other needs through March 12.

The SBA has extended the deadline to apply for assistance for property damage to May 1, while the deadline to apply for economic injury assistance is July 31.

More help should be on its way soon. The state’s application seeks to use more than $1.8 billion in block grants to provide for the unmet needs — not covered by private insurance, FEMA, or an SBA loan — of Sandy victims.