SBA disaster-loan program expanded to Burlington County flood victims

MOUNT HOLLY - Low-interest loans are available to eligible residents and businesses in Burlington County towns hit by flash flooding on July 12.

A federal disaster declaration that initially covered only areas in Pennsylvania has been extended to Burlington County, authorities said in a statement Saturday.

The flooding, which occurred when more than six inches of rain fell over a four-hour period, was particularly severe in Burlington City, Burlington Township and Florence.

But a federal disaster declaration initially offered the federal loans only in Pennsylvania counties, noted state Senator Troy Singleton.

"Both sides of the Delaware River were affected by the flooding so residents and businesses in New Jersey should be just as eligible," said Singleton,

The statement noted Singleton and county Commissioner Director Felicia Hopson worked with Gov. Phil Murphy to have the disaster area expanded.

The U.S. Small Business Administration is offering three types of loans to eligible borrowers:

► Business physical disaster loans can help borrowers repair or replace disaster-damaged property.

► Economic injury disaster loans can provide working capital loans to help small businesses meet financial obligations that cannot be met due to the flooding.

► Home disaster loans for homeowners or tenants to repair or replace disaster-damaged real estate and personal property, including vehicles.

Homeowners and tenants can borrow in amounts up to $200,000. Businesses and nonprofits have a $2 million limit.

"Loans terms are up to 30 years and income and credit scores are determining factors," the statement said.

Residents can apply online or contact the SBA at 800-659-2955 or [email protected].

Original Article 

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  • Kevin Perez
    published this page in In The News 2021-08-27 11:00:30 -0400