Governor Wolf announces low interest loans will be available for those affected by the August flash floods
Harrisburg, Pennsylvania – Governor Tom Wolf today announced that the United States Small Business Administration (SBA) has approved a recent request to make financial assistance available to residents of Tioga County following severe storms that caused flash floods and extensive damage on August 18. Residents and businesses in neighboring Bradford, Lycoming and Potter counties can also ask for help.
âMore and more often our communities are affected by rapid and very localized storms that end in flash floods and the damage only associated with that risk,â Governor Wolf said. “The changing nature of storm threats in the Commonwealth has made recovery difficult for many, and we hope this first step will help those affected return to normalcy.”
Low-interest loans of up to $ 200,000 are available to homeowners and tenants to repair or replace damaged or destroyed real estate, and SBA regulations also allow loans up to $ 40,000. to repair or replace damaged personal property, including vehicles. Businesses and nonprofits can borrow up to $ 2 million to restore damaged or destroyed buildings, inventory, equipment, and other physical losses. Economic disaster loans are also available and can also be used to pay fixed debts, salaries, accounts payable and other bills that cannot be paid due to the impact of the disaster, which the whether or not the company suffered physical damage from the storm.
The SBA offers long-term repayment options to keep payments affordable, with terms of up to 30 years. The conditions are determined on a case-by-case basis, depending on the repayment capacity of each borrower.
The SBA will open a Disaster Loan Assistance Center (DLOC) in Tioga County to provide in-person assistance to those who wish to apply, and anyone from any county included in the disaster declaration can visit the DLOC website. However, businesses and individuals can obtain information and loan applications immediately by calling the SBA 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.
Knoxville Community Building
301 Main Street East
Knoxville, PA 16928
Provisional opening hours:
Wednesday September 8: 9 a.m. – 6 p.m.
Thursday – Friday September 9 – September 10: 9 a.m. – 6 p.m.
Saturday September 11: 10 a.m. – 2 p.m. (It’s the only Saturday)
Sunday September 12: CLOSED
Monday – Wednesday Sept. 13 – Sept. 15: 9 a.m. – 6 p.m.
Alternatively, loan applications can be downloaded from sba.gov/disaster and completed applications should be sent to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The SBA has created a number of fact sheets to help applicants understand the SBA loan process:
The filing deadline for returning property damage claims is November 1, 2021. The deadline for returning economic disaster loan claims is May 31, 2022.