Loans available for small businesses affected by June flooding

March 17, 2017

The deadline is approaching for small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations in Pennsylvania to submit disaster loan applications for economic damage caused by the June 17 flash flooding.

Low-interest disaster loans are available in Fayette, Greene, Somerset, Washington and Westmoreland counties in Pennsylvania; Monongalia and Preston counties in West Virginia; and Garrett County in Maryland.

Fayette County was designated as a disaster area after severe flooding there, although neighboring counties are also eligible for relief.

Business affected by that flooding can apply for low-interest loans from the U.S. Small Business Administration by the April 19 deadline to receive available funding.

Working capital disaster loans up to $2 million are available at 4 percent for small businesses, and 2.625 percent for private nonprofit organizations with terms of up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable and other expenses that could have been paid had the disaster not occurred.

To be considered for assistance, eligible entities need to apply by the deadline by going online using the Electronic Loan Application at www.disasterloan.sba.gov/ela.

Businesses can also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 or by emailing 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.

TRENDING NEWS

Comments

blog comments powered by Disqus