SBA Offers Disaster Loans to Businesses and Homeowners Impacted by July's Flash Floods and Storms

From Northampton County: The U.S. Small Business Administration (SBA) declared Northampton County a disaster area following the flash flooding and severe storms that took place on Saturday, July 15, and Sunday, July 16, 2023.

“Although a Presidential Disaster Declaration through FEMA may not be awarded, which is very unfortunate, I commend the SBA for providing much needed assistance, and I look forward to working alongside the SBA to ensure every affected resident and business can recover," says County Executive Lamont G. McClure.

 

The SBA is offering the following Disaster Loans to eligible businesses and residents who qualify for recovery assistance:

• Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.

 

• Economic Injury Disaster Loans – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

 

• Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles

 

In addition to Northampton County businesses/residents being offered assistance, impacted businesses and residents in neighboring counties may also be eligible for assistance. Those counties include Bucks, Carbon, Lehigh, and Monroe counties, and Warren County, NJ. The SBA has provided a detailed Fact Sheet, including the process to apply for assistance. 

 

The SBA will establish a Disaster Loan Outreach Center within Northampton County in the coming weeks. SBA Customer Service Representatives will be at the Center to answer questions about the disaster loan program, check an application’s status, upload documents, and assist with reconsideration requests. 

 

The SBA website link is: www.sba.gov/funding-programs/disaster-assistance.