Canonsburg, Cecil and North Strabane Residents May Be Eligible for Storm-Damage Loans

“There are many businesses and residents who were impacted by the severe storms that went through our county recently, who are still struggling to get up and running,” said Allegheny County Chief Executive Rich Fitzgerald. “Thanks to the Small Business Administration and the governor’s advocacy, loans of up to $200,000 will be available to homeowners to repair or replace damaged or destroyed real estate and loans of up to $40,000 will be available to repair or replace damaged or destroyed personal property.”

SBA officials, along with local and state officials, conducted damage assessments, which Governor Tom Corbett used to support his assistance request to the SBA.

Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.  

The SBA may increase a loan up to 20 percent of the total amount of damage to make upgrades that lessen the risk of property damage by similar, future disasters.

Interest rates are as low as 1.88 percent for homeowners and renters, 2.88 percent for non-profit organizations and 4 percent for businesses with terms of as many as 30 years. 

Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. Applicants may apply online using the Electronic Loan Application via SBA’s secure website at https://disasterloan.sba.gov/ela.

For small businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Individuals and businesses unable to visit the center may also obtain information and loan applications by calling the SBA’s 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. 

Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be returned to the center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is Sept. 27. The deadline to return economic injury applications is April 29, 2014.