Residents and businesses in Burlington County are eligible for disaster relief loans from the federal government after flooding on July 12.
BURLINGTON COUNTY, NJ — Residents and businesses in Burlington County are eligible for disaster relief loans from the federal government after flash flooding that struck the region on July 12, officials announced.
Burlington County Commissioner Director Felicia Hopson and State Sen. Troy Singleton (D-Burlington) worked with Gov. Phil Murphy to secure the federal low-interest loans from the Small Business Administration (SBA), according to officials. The original declaration only included Pennsylvania counties, officials said.
"The major flooding this area faced a few weeks ago had a devastating impact on many of our residents and businesses that are still struggling to bounce back from the pandemic," Hopson said. "This should not be another setback for them, so we made it our mission to assure that our residents and businesses who sustained damage or loss during the storm were able to benefit from these special loans."
The storm dropped more than 6 inches of rain on parts of the county over a four-hour period, causing significant flooding throughout the county, officials said. The bulk of the flooding was in Florence, Burlington Township and Burlington City. It came shortly before a tornado came through the county on July 17. Read more here: Tornado Struck Burlington County Saturday Night
A third major storm hit the county last week, when a tornado was briefly spotted over Burlington County. Hail was dumped on the area, and trees were uprooted in Willingboro and Westampton. Read more here: Severe Storms Bring Damage To Parts Of Burlington County
"It was vital for us and our residents to have Burlington County included in the federal disaster declaration," Singleton said. "Both sides of the Delaware River were affected by the flooding, so residents and businesses in New Jersey should be just as eligible as those in PA. I want to thank Governor Murphy for looking out for Burlington County residents."
County businesses and residents who sustained damage or loss by the severe flooding in July can now apply for low-interest loans through the federal Small Business Administration. Three types of low-interest loans are available for eligible residents and businesses.
- Business Physical Disaster Loans can assist businesses to repair or replace disaster-damaged property.
- Economic Injury Disaster Loans can provide working capital loans to help small businesses meet their financial obligations that cannot be met as a direct result of the disaster.
- Home Disaster Loans for homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
"People need to get back to their homes and businesses as quickly as possible, and I will continue to do everything within my power to assist with that. Applying for these low interest loans from the Small Business Administration is a great start to do make that happen," Singleton said.
Loans can be any amount, but are limited to $200,000 for homeowners and renters. Businesses and nonprofits can borrow up to $2 million. Loans terms are up to 30 years, and income and credit scores are determining factors.
"The Federal Small Business Administration's low-interest Disaster Recovery Loans are a welcome avenue for folks to repair or replace disaster-damaged property," Hopson said. "We are thankful to Governor Murphy and the SBA for putting this program together quickly so that our residents and businesses can recover."