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4/4/2014

Low-Interest Disaster Loans available to Businesses in Some Counties

News for Immediate Release 

April 4, 2014
 
Low-Interest Disaster Loans available to Businesses in Some Counties
 
Harrisburg – Low-interest economic injury disaster loans from the U.S. Small Business Administration (SBA) are available to Pennsylvania small businesses, small agricultural cooperatives, small aquaculture businesses and most private, non-profit organizations affected by the severe winter storms the occurred between Feb. 3 and Feb. 28, 2014.
 
The SBA made the loans available following a disaster declaration request from Gov. Tom Corbett on March 27 for the counties of Chester and Montgomery. SBA regulations will also make loans available to the adjacent counties of Berks, Bucks, Delaware, Lancaster, Lehigh and Philadelphia.
 
“The ability for small businesses to apply for SBA loans helps some of our communities recover more quickly from the impacts of the severe weather we faced this winter,” said Pennsylvania Emergency Management Director Glenn Cannon.
 
Eligible entities may qualify for loans of up to $2 million. The SBA offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. The rates on these loans are 4.00 percent for small businesses and 2.625 percent for non-profit organizations with terms up to 30 years. The SBA determines eligibility for the loans based on the size and type of business and its financial resources.
 
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
 
Applications and program information are available by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by sending an email to disastercustomerservice@sba.gov.
 
Loan applications can also be downloaded at www.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.
 
The deadline to return economic injury applications is Jan. 2, 2015.
 
Media contact: Cory Angell, 717-585-8809, cangell@pa.gov 
 
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