Friday, December 14, 2018

Low Interest Disaster Loans Available for Residents Affected by August Flooding in Schuylkill County

On Thursday, U.S. Small Business Administration Administrator Linda McMahanon announced that Pennsylvania businesses and residents affected by flooding on Aug. 10 - 15, 2018, can apply for low-interest disaster loans.

Administrator McMahon made the loans available in response to a letter from Gov. Tom Wolf on Dec. 7, 2018, requesting a disaster declaration by the SBA. 

The declaration covers Bradford, Columbia, Delaware, Northumberland, Schuylkill and Susquehanna counties and the adjacent counties of Berks, Carbon, Chester, Dauphin, Lackawanna, Lebanon, Lehigh, Luzerne, Lycoming, Montgomery, Montour, Perry, Philadelphia, Snyder, Sullivan, Tioga, Union, Wayne and Wyoming in Pennsylvania; New Castle in Delaware; Gloucester in New Jersey; and Broome, Chemung and Tioga in New York. 

“The SBA is strongly committed to providing the people of Pennsylvania with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said McMahon. 

“Getting businesses and communities up and running after a disaster is our highest priority at SBA.” 

SBA’s Customer Service Representatives will be available at the Disaster Loan Outreach Centers to answer questions about the disaster loan program and help individuals complete their applications.

Schuylkill County Outreach Center Hours and Location

Port Carbon Borough Municipal Building 
301 First Street, P.O. Box 71 
Port Carbon, PA 17965 

Opened Thursday, Dec. 13 at 11 a.m. 
Hours: Monday – Friday, 9 a.m. – 6 p.m. Saturday, 10 a.m. – 2 p.m. 
Closed: Sunday, Dec. 16 

Closing: Thursday, Dec. 20 at 4 p.m

“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Philadelphia District Director Antonio Leta. 

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage. 

“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 Kem Fleming, center director of SBA’s Field Operations Center East in Atlanta. 

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.

 Interest rates are as low as 3.675 percent for businesses, 2.5 percent for nonprofit organizations, and 2 percent for homeowners and renters with terms up to 30 years. Loan amount 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 DisasterLoan.sba.gov. Businesses and individuals 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 disastercustomerservice@sba.gov. 

Loan applications can also be downloaded at www.sba.gov. Completed applications should be returned to 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 Feb. 11, 2019. The deadline to return economic injury applications is Sept. 11, 2019.