Low-interest SBA loans available to Hurricane Ida victims
Financial aid from the Small Business Administration is available to those who suffered damages as a result of Hurricane Ida, Gov. Tom Wolf announced.
Both residents and businesses can apply for disaster loans through the SBA.
“I am grateful that the SBA is providing much needed assistance," the governor said in a written statement, "I urge impacted Pennsylvanians to make educated choices as they undertake their recovery journeys.”
Low-interest loans up to $200,000 are available to homeowners and renters to repair or replace damaged or destroyed real estate.
SBA regulations also permit loans up to $40,000 to repair or replace damaged personal property, which includes vehicles.
Businesses and nonprofits may borrow up to $2 million to restore damaged or destroyed buildings, inventory, equipment and other physical losses.
Economic Injury Disaster Loans also are available and may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, whether or not the business sustained physical damage from the storm.
Long-term repayment options are available to keep payments affordable, with terms up to 30 years. Terms are determined on a case-by-case basis, based upon the borrower's ability to repay.
“I encourage survivors to take advantage of the option to request additional loan funds for mitigation (protective improvements) to help prevent similar damage from occurring in the future," Pennsylvania Emergency Management Agency Director Randy Padfield said.
For more information or to obtain loan applications, call 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing) or email email@example.com.
Applications also are available online via the SBA's website and in-person at York County's SBA Disaster Recovery Center at the York County Economic Alliance, 144 Roosevelt Ave., York.
Alternatively, loan applications can be downloaded at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
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