Disaster

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 personal property.

“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” John Fleming, acting district director for the SBA’s Philadelphia district, said in the release.

Interest rates are as low as 4% for businesses, 2.75% for nonprofit organizations and 1.938% for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition, according to the agency.

Applicants may also be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.

To help facilitate the loan application process, a Disaster Loan Outreach Center has been established at the Salvation Army, 409 S. Reading Ave. in Boyertown. SBA customer service representatives will be on hand to issue loan applications, answer questions about the disaster loan program, explain the application process and help individuals to complete their applications.

The Disaster Loan Outreach Center opens at 11 a.m. Friday, Sept. 6, and will have hours through Tuesday, Sept. 17. The office has the following operating hours: Monday – Friday, 9 a.m. to 6 p.m.; Saturday, Sept. 7 and 14, 10 a.m. to 2 p.m. The office will be closed on Sunday, Sept. 8 and 15. The office will close at 5 p.m. on Tuesday, Sept. 17.

Individuals and businesses unable to visit the centers in person may obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-6592955 (1-800-877-8339 for the hearing impaired), or by e-mailing disastercustomerservice@sba.gov.

Loan applications can also be downloaded at www.sba.gov/disaster. Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://disasterloan.sba. gov/ela.

The filing deadline to return applications for physical property damage is Nov. 4, 2019. The deadline to return economic injury disaster loan applications is June 3, 2020.

The U.S. Small Business Administration provides entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or

— Gov. Tom Wolf

recover from a declared disaster.

For more information visit www.sba.gov. Email business story ideas to business editor/ writer drovins@21stcenturymedia.com.

MEDIANEWS GROUP FILE PHOTO The U.S. Small Business Administration is making disaster assistance loans available to businesses and residents in Berks, Montgomery and Chester counties impacted by July flash floods. In this file photo, flood waters carried cars behind this Green Lane home several feet from where they were parked.