Pennsylvania Governor Announces Low Interest Loans

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Governor Wolf Announces Low Interest Loans Available for Those Affected by Flash Flooding Linked to Remnants of Hurricane Ida

Harrisburg, Pa. (STL.News) 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 Berks County following severe storms that caused flash floods and extensive damage from September 1 to September 3 due to the remnants of Hurricane Ida. Residents and businesses in neighboring Lancaster, Lebanon, Lehigh and Schuylkill counties can also apply for assistance.

“Sadly, this storm has left a lasting impression on dozens of communities across much of eastern Pennsylvania,” Governor Wolf said. “We are grateful that the SBA has recognized the need for low interest rate loans, which will undoubtedly help many people and businesses recover.”

It is important to note that residents and businesses in Chester and Montgomery counties, which are also contiguous to Berks, are already eligible for SBA loans and other federal aid due to the Individual Assistance disaster declaration. in these counties. More information on how to request Individual Assistance is available online.

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, payroll, accounts payable and other bills that cannot be paid due to the impact of the disaster, which l 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 be opening a Disaster Loan Outreach Center (DLOC) in Berks County to provide in-person assistance to those who wish to apply. 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 emailing DisasterCustomerService @ sba.gov.

Berks County:
Berks County Firefighter Training Center
895 Morgantown Road
Reading, PA 19607

Opening date: Friday, October 8, 2021

Hours October 8: 12:00 p.m. – 6:00 p.m. (EST)

Opening days: Monday to Friday
Hours of Operation: 9 a.m. to 6 p.m. EST
Sat Oct 9 & Sat Oct 16
10h00-14h00
Close on Sunday

Permanent closure: Thursday, October 21 at 4 p.m. EST

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 three-step process
  • FAQs for landlords and tenants
  • Information sheet for owners and tenants
  • Factsheet for businesses of all sizes
  • The filing deadline for returning property damage claims is December 6, 2021. The deadline for returning economic disaster loan claims is July 6, 2022.

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