LP Businesses Eligible for Storm Loans
Friday, April 4, 2014 • 2:11pm
It has been one long and hard winter. No one may understand that better than the small businesses of Lower Providence. From lower turnouts of customers to extra funds spent on snow and ice removal, the winter storms cost business owners a pretty penny. But what can owners do now?
According to the Montgomery County Commissioners’ office, you can seek help.
“Small businesses and most non-profit organizations in Montgomery County can apply for federal economic injury disaster loans to recover from damages and losses sustained as a result of the severe winter storms the occurred between February 3 and February 28, 2014,” said a recent release from the office.
The loans were made possible by the U.S. Small Business Administration (SBA). “[SBA] announced today that the loans are available as a result of the disaster declaration by the Commonwealth of Pennsylvania in response to the storms,” said the release.
Businesses in the county are welcome to apply for such loans.
“This is good news for our businesses and non-profits who were hit hard during the storms,” said Josh Shapiro, chair of the Montgomery County Board of Commissioners. “We were disappointed when Pennsylvania failed to meet the federal damage threshold for disaster relief funding, but this loan program will help to relieve some of that disappointment.”
Local organizations can obtain a loan with the amount up to $2 million with interest rates of up to 4 percent and terms up to 30 years long, according to the release. The SBA determines eligibility for each business, as providers of the loan.
“The amount of the loan is based on economic injury, less insurance, and the availability of other funding,” said the release.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website here.
Disaster loan information and application forms may also be obtained by calling the SBA's Customer Service Center at 800-659-2955 (or 800-877-8339 for the deaf and hard-of-hearing) or by sending an email to firstname.lastname@example.org.