Victims of apartment fire eligible for low-interest loans
Gov. Tom Wolf announced Tuesday that the U.S. Small Business Administration (SBA) approved his request to declare a disaster in Chester County after a devastating fire on July 31 destroyed dozens of homes in North Coventry Township.
“Many people living in the Ashwood Apartment building lost everything they own,” said Wolf. “The availability of low-interest loans provides a glimmer of hope for people who right now might desperately need it.”
Homeowners, renters and businesses impacted by the Chester County fire, as well as neighboring counties of Berks, Delaware, Lancaster and Montgomery, may be eligible for low-interest disaster loans through the SBA Disaster Loan Programs.
Low-interest loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. SBA regulations permit loans up to $40,000 to repair or replace damaged personal property, including vehicles. Businesses and nonprofits can borrow up to $2 million as a Physical Disaster Loan to restore damaged or destroyed buildings, inventory, equipment and assets. Economic Injury Disaster Loans may also be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
SBA offers long-term repayment options to keep payments affordable, with terms up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
In accordance with health precautions for the Coronavirus (COVID-19), the SBA will not establish a physical Disaster Loan Outreach Center (DLOC) in the community to assist applicants. However, SBA will continue to provide first class customer service and conduct outreach virtually with webinars, skype calls, phone assistance and step-by-step application assistance.
To this end, SBA has opened a Virtual Disaster Loan Outreach Center (VDLOC) to help survivors apply online using the Electronic outreach to ensure Loan Application that all impacted by the (ELA) via the SBA’s secure disaster are afforded the website at https://disasterloanassistance.sba.gov/ opportunity to seek assistance. and there are virtual customer Phone for Individuals & support representatives Businesses: (571) 422-6871 available to assist applicants or (571) 422-6078. This applies with completing only to applicants affected the online application. by the fire in Chester
Those who want to apply County. It is not applicable for an SBA loan should contact for any other SBA declaration the Customer Service or COVID-19-related Representatives at (571) SBA assistance.
422-6871 or (571) 422-6078 Applicants may also call to schedule an appointment SBA’s Customer Service for immediate oneon-one Center at (800) 659-2955 or assistance in completing email disastercustomerservice@sba.gov their applications. for more information Requests for SBA disaster on SBA disaster loan program information assistance. Individuals may be obtained by emailing who are deaf or hard-ofhearing FOCE-Help@sba.gov. may call (800) 8778339. The SBA will conduct extensive