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Posted on: July 31, 2021

County Residents and Businesses Can Now Apply for Disaster Loans from SBA

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Burlington County Residents and Businesses Can Now Apply for Disaster Loans from SBA Thanks to Efforts of Commissioner Director Hopson and Senator Singleton

 

Mount Holly, NJ – Burlington County Commissioner Director Felicia Hopson and Senator Troy Singleton’s efforts to include Burlington County in the federal disaster declaration have resulted in area residents and businesses being eligible to apply for federal low-interest loans from the Small Business Administration. 

Commissioner Director Hopson and Senator Singleton worked closely with New Jersey Governor Murphy to assure that county residents and businesses were not left uncovered and unprotected after the flash floods of July 12, 2021.  

“The major flooding this area faced a few weeks ago had a devastating impact on many of our residents and businesses that are still struggling to bounce back from the pandemic,” said Commissioner Director Hopson. “This should not be another setback for them, so we made it our mission to assure that our residents and businesses who sustained damage or loss during the storm were able to benefit from these special loans.” 

The original declaration only included Pennsylvania counties, but now is extended to Burlington County as well. The July 12 storm produced intense rainfall of more than 6 inches over a 4-hour period of time that created significant flash flooding in parts of Burlington County, but particularly in Florence, Burlington Township and Burlington City.  

“It was vital for us and our residents to have Burlington County included in the federal disaster declaration,” said Senator Singleton. “Both sides of the Delaware River were affected by the flooding so residents and businesses in New Jersey should be just as eligible as those in PA. I want to thank Governor Murphy for looking out for Burlington County residents.” 

County businesses and residents who sustained damage or loss by the severe flooding in July can now apply for low-interest loans through the federal Small Business Administration. Three types of low-interest loans are available for eligible residents and businesses.  

  • Business Physical Disaster Loans can assist businesses to repair or replace disaster-damaged property. 
  • Economic Injury Disaster Loans can provide working capital loans to help small businesses meet their financial obligations that cannot be met as a direct result of the disaster. 
  • Home Disaster Loans for homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.  

“People need to get back to their homes and businesses as quickly as possible and I will continue to do everything within my power to assist with that. Applying for these low interest loans from the Small Business Administration is a great start to do make that happen,” said Singleton.  

Loans can be any amount but are limited to $200,000 for homeowners and renters, and businesses and nonprofits can borrow up to $2 million. Loans terms are up to 30 years and income and credit scores are determining factors.  

“The Federal Small Business Administration’s low-interest Disaster Recovery Loans are a welcome avenue for folks to repair or replace disaster-damaged property,” said Hopson. “We are thankful to Governor Murphy and the SBA for putting this program together quickly so that our residents and businesses can recover.”

 Residents simply have to apply online or call/email SBA: 

•   Call: (800) 659-2955 

•   Email: disastercustomerservice@sba.gov

•   https://disasterloanassistance.sba.gov/ela 

Fact sheet about loans:  https://disasterloanassistance.sba.gov/ela/sfc/servlet.shepherd/version/download/068t000000RE7GlAAL

 

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