PITTSBURGH – Allegheny County Executive Rich Fitzgerald announced today that county residents and businesses that were affected by severe storms and flooding earlier this month can apply for low-interest disaster loans from the U.S. Small Business Administration (SBA). A Disaster Loan Outreach Center will open tomorrow, Wednesday, July 31 at 1 p.m. and will remain open through August 8 to work with homeowners and businesses in answering questions as well as helping complete applications.
“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 County Executive 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.”
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 1.875 percent for homeowners and renters, 2.875 percent for non-profit organizations and 4 percent for businesses with terms of up to 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 (ELA) 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 (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
The Center is located at the Allegheny County Airport, Main Terminal, Building 12 (inside main doors) at 12 Allegheny County Airport (Lebanon Church Road), West Mifflin, PA 15122. It will open on Wednesday, July 31 at 1 p.m. and remain open until 6 p.m. on Thursday, August 8. Hours of operation are 9 a.m. to 6 p.m. beginning on August 1 through August 8. On Saturday, August 3, the Center will be open from 10 a.m. to 2 p.m. The Center will be closed on Sunday, August 4.
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 firstname.lastname@example.org. 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 September 27, 2013. The deadline to return economic injury applications is April 29, 2014.
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