TRENTON, NJ–The state Economic Development Authority today approved more than $2 million to help restore Jakeabob's, a well-known Union Beach restaurant that was destroyed by Superstorm Sandy.
The EDA met this morning in Trenton to finalize aid to a number of businesses slammed by the storm two years ago.
After Sandy turned its beachside restaurant to bits Jakeabob's relocated to a building further inland, setting up “Jakeabob's Off the Bay,” and furnishing the establishment with tables made from doors of Union Beach homes destroyed in the storm. Owner Gigi Liaguno-Dorr operated a “pay-what-you-can-afford” community kitchen to assist local families struggling in the wake of the storm.
The “Off the Bay” kitchen finally closed last month.
“This project is an example of the complex financial situations Sandy left in her wake and the sacrifices that so many business owners have had to make; however, it also helps to illustrate the compassion, selflessness and community spirit that businesses have demonstrated over the last year and a half,” said Michele A. Brown, the EDA's CEO.
“Our team has worked hand-in-hand with this business to help them rebuild at their former location, and we are thrilled to support the return of this fixture in the Union Beach community,” she said.
The loans to Jakeabob's consist of $297,131 in working capital and a $1.5 million construction loan from the Stronger NJ Business Loan Program, as well as an EDA direct loan of up to $400,000 to refinance an existing mortgage.
Since the storm, Liaguno-Dorr and her fiancé Wally Van Orden have struggled to find a way to rebuild, said Liaguno-Dorr. “It was heartbreaking to see the business that was my life for 14 years washed away,” said Liaguno-Dorr. “I am elated that the EDA took the time to work with me to create a solution that will enable us to be part of this beautiful community once again. An incredible weight has been lifted and I plan to start rebuilding as soon as possible.”
Other Stronger NJ Business Loans announced at the Board meeting include those to:
- Casa Comida in Long Branch
- Charlroy Motel in Seaside Park
- Malusa and Sons, operators of Nino's Family Restaurants in Wildwood
- Seaside Lumber in Seaside Heights
- Providence Pediatric Medical Day Care in Berlin Township.
Providence Pediatric operates three medical day care centers in New Jersey, two in Camden and one in Atlantic City. The company experienced wind and water damage during Superstorm Sandy and was approved for a Stronger NJ Business working capital loan for over $1.7 million.
At the EDA meeting, Brown noted that the loans to Jakeabob's and Providence Pediatric represent part of the more than $10 million in grant and loan assistance that has been approved for 145 woman-owned businesses under the Stronger NJ Business Grant and Loan programs.
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