SBA approves low interest loans for Berks County flood victims

The U.S. Small Business Administration has approved Gov. Tom Wolf’s request to declare a disaster in Berks County after intense storms produced flash flooding between July 11 and 12, 2019. This declaration makes low-interest loans available to repair or replace local real estate that sustained damage from the flooding.

“Low-interest loans are a significant part of helping people and businesses recover from flooding,” said Gov. Wolf. “We appreciate that the SBA granted our request.”

Homeowners, renters and businesses impacted by the flooding in Berks County, as well as neighboring counties Chester, Lancaster, Lebanon, Lehigh, Montgomery and Schuylkill, may be eligible for these low-interest disaster loans through the SBA Disaster Loan Programs.

SBA regulations permit loans of up to $40,000 to repair or replace personal property, while businesses and nonprofits can borrow up to $2 million to restore damaged or destroyed buildings, inventory, equipment and assets. Loan amounts and terms are set by the SBA and are based on each applicant’s financial qualifications.

The SBA will establish a Disaster Loan Outreach Center at the Salvation Army on 409 S. Reading Ave. in Boyertown to assist anyone who wishes to apply for a loan.

Individuals and businesses may obtain more information by visiting www.sba.gov/disaster or by calling the SBA’s Customer Service Center at 1-800-659-2955.

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.

 

Dawn Ouellette Nixon
Dawn Ouellette Nixon is a career journalist who believes that good journalism can change the world. As the health care reporter, she covers everything from small town medicine to big pharma. You can also find her chasing a good business story in Berks County. She can be reached at dnixon@lvb.com or 610-807-9619, extension 4118.

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