Some members of the business community who have been touched by the history Hurricane Ida earlier this month are eligible for physical disaster loans via the U.S. Small Business Administration, the agency said this week.
Six Pennsylvania counties are included in the agency’s target for major counties: Philadelphia, Bucks, Chester, Delaware Montgomery, and York. These counties have physical disaster loans available to businesses of all sizes, nonprofits, faith-based organizations, landlords and tenants. Small Qualifying businesses and nonprofits will automatically be considered for a working capital loan when they apply for a physical disaster loan.
Three types of loans are available for businesses in these counties:
- Business physical disaster loans assist in repairing or replacing property, inventory, supplies or equipment damaged by the hurricane.
- Economic disaster loans are working capital loans to help small businesses that cannot meet their necessary financial obligations.
- Disaster home loans go to homeowners or tenants to repair or replace damaged property and personal property.
Seven other counties are included as contiguous counties and are only eligible for working capital loans, known as Economic Disaster Loans (EIDL) which are available to small businesses and non-profit organizations. eligible profit. These counties are Adams, Berks, Cumberland, Dauphin, Lancaster, Lehigh and Northampton.
SBA also opened a business turnaround center in Schuylkill Library Falls at 3501 Midvale Ave. for in-person assistance Mondays and Wednesdays from noon to 8 p.m., Tuesdays and Thursdays from 10 a.m. to 6 p.m. and Fridays from 10 a.m. to 5 p.m.
To be considered for all forms of disaster assistance, applicants should register online at Disaster Assistance.gov or download the FEMA mobile app. Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website.
The SBA will consider your credit history, repayment capacity, and guarantees for loans over $ 25,000. Interest rates are as low as 2.8% for businesses, 2% for nonprofits, and 1.5% for landlords and tenants. The deadline for applications for this loan program is November 9 for property damage and June 10, 2022 for economic damage claims.
Applications are free and loans do not have to be accepted, if offered. For a quick overview of how the program works, watch the videos below: