WASHINGTON – Pennsylvania residents and businesses affected by severe storms and flooding between June 27 and July 12 can apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Karen G. Mills announced today.
Administrator Mills made the loans available in response to a letter from Gov. Tom Corbett on July 12, requesting a disaster declaration by the SBA. The declaration covers Clearfield, Fayette and Jefferson counties and the adjacent counties of Armstrong, Blair, Cambria, Cameron, Centre, Clarion, Clinton, Elk, Forest, Greene, Indiana, Somerset, Washington and Westmoreland in Pennsylvania; Garrett in Maryland; and Monongalia and Preston in West Virginia.
“The SBA is strongly committed to providing the people of Pennsylvania with the most effective and customer-focused response possible to assist homeowners, renters, and businesses of all sizes with federal disaster loans,” said Administrator Mills. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta. SBA’s customer service representatives are available at the Disaster Loan Outreach Centers to answer questions about the disaster loan program and help individuals complete their applications.
The Centers are located in the following communities and will open as indicated:
DuBois Area United Way
223 S. Jared Street
223 S. Jared Street
DuBois, PA 15801
Joseph A. Hardy – Connellsville Airport
(New Terminal Building)
988 Sky Drive
Lemont Furnace, PA 15456
First United Methodist Church of Reynoldsville
504 Jackson Street
Reynoldsville, PA 15851-1356
Open: 8 a.m. to 5 p.m. Tuesday, July 23 through Tuesday, July 30; 10 a.m. to 2 p.m. Saturday, July 27 (Closed Sunday, July 28)
Closing: Tuesday, July 30 at close of business
“Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said Carl Knoblock, SBA’s Pennsylvania district director.
The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make upgrades that lessen the risk of property damage by similar future disasters.
For small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 1.875 percent for homeowners and renters, 2.875 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Individuals and businesses unable to visit one of the centers may also obtain information and loan applications 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 emailing email@example.com. Loan applications can also be downloaded at www.sba.gov. Completed applications should be returned to one of the centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is September 16, 2013. The deadline to return economic injury applications is April 16, 2014.