Burlington County residents and businesses can now apply for disaster loans from the SBA thanks to the efforts of Directing Commissioner Hopson and Senator Singleton
Mount Holly, New Jersey – Burlington County Commissioner Felicia Hopson and Senator Troy Singleton’s efforts to include Burlington County in the federal disaster declaration have enabled area residents and businesses to apply for low-rate federal loans. interest in the Small Business Administration.
Directing Commissioner Hopson and Senator Singleton worked closely with New Jersey Governor Murphy to ensure that county residents and businesses were not left uncovered and unprotected after the flash floods of July 12, 2021.
“The major flooding this region faced a few weeks ago has had a devastating impact on many of our residents and businesses who are still struggling to recover from the pandemic,” said Director Commissioner Hopson. “This shouldn’t be another setback for them, so we made it our mission to ensure that our residents and businesses that suffered damage or loss during the storm can benefit from these special loans. “
The original declaration only included counties in Pennsylvania, but now also extends to Burlington County. July 12 The storm produced intense precipitation of over 6 inches over a 4 hour period that caused significant flash floods in parts of Burlington County, but particularly Florence, Burlington Township and the City of Burlington.
“It was vital for us and our residents to include Burlington County in the federal disaster declaration,” said Senator Singleton. “Both sides of the Delaware River have been affected by flooding, so New Jersey residents and businesses should be just as eligible as those in the PA. I want to thank Governor Murphy for looking after the residents of Burlington County.
County businesses and residents who suffered damage or loss from 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 to eligible residents and businesses.
- Business physical disaster loans can help businesses repair or replace property damaged by a disaster.
- Economic disaster loans can provide working capital loans to help small businesses meet their financial obligations that cannot be met due to the disaster.
- Disaster home loans for homeowners or tenants to repair or replace real estate and personal property damaged by disaster, including automobiles.
“People need to get back to their homes and businesses as quickly as possible and I will continue to do everything in my power to help them. Applying for these low interest loans from the Small Business Administration is a good start to getting there, ”Singleton said.
Loans can be of any amount, but they are limited to $ 200,000 for homeowners and tenants, and businesses and nonprofits can borrow up to $ 2 million. Loan terms can be up to 30 years and income and credit scores are determining factors.
“Low-interest Federal Small Business Administration disaster recovery loans are a welcome way for people to repair or replace property damaged by disaster,” Hopson said. “We are grateful to Governor Murphy and the SBA for putting this program in place quickly so our residents and businesses can recover.”
Residents simply need to apply online or call / email the SBA:
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