PHOTO: Business owners from downtown thanked the LDC on Thursday evening for their swift assistance following Superstorm Sandy which resulted in weeks of lost business.The business owners

Three weeks ago, the Lakewood Development Corporation in conjunction with the Lakewood Township Committee, moved to set aside $1 million to create an emergency disaster recovery small business loan program to assist Lakewood businesses in getting back on their feet.

A door-to-door canvass by the LCSC of store owners on Clifton Avenue revealed the extent of the damage. While virtually all downtown businesses suffered significant revenue loss, food-related stores were especially hard hit, and lost tens of thousands of dollars in perishable food items.

The loan programs were proposed by Rabbi Moshe Zev Weisberg, president of the LCSC and chair of the LDC Economic Development Committee, who was present at Thursday evening’s Committee meeting, where the approved loans were announced. 

Also on hand, was LDC official Patricia Komsa.

The loan programs made available two low-cost loans, an expedited emergency loan of $10,000 and an additional loan of $25,000 for a total of $35,000 per eligible small business. TLS.