Downtown businesses who went without electric for nearly three weeks and applied to receive assistance through the available LDC funds, will hear about their loans tonight, an official says.

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.

“Many local small businesses suffered terribly as a result of Hurricane Sandy and the extended power outages that followed” lamented Michael “Mike” McNeil, an LDC Trustee. “It is our obligation to help them the best we can.”

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.

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.