Burlington County Residents and Businesses Can Now Apply for SBA Disaster Loans Through the Efforts of Commissioner, Director Hopson and Senator Singleton

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Burlington County Residents and Businesses Can Now Apply for SBA Disaster Loans Through the Efforts of Commissioner, Director Hopson and Senator Singleton

Mount Holly, NJ – The efforts of Burlington County Commissioner Commissioner Felicia Hopson and Senator Troy Singleton to include Burlington County in the federal disaster declaration have resulted in local residents and businesses being eligible to apply for federal loans at low interest rates from the Small Business Administration.

Commissioner Director Hopson and Senator Singleton worked closely with New Jersey Governor Murphy to ensure that county residents and businesses did not go unnoticed and unprotected following the July 12, 2021 flash floods.

“The massive flooding that this area faced a few weeks ago has had a devastating impact on many of our residents and businesses that are still struggling to recover from the pandemic,” said Commissioner Director 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 hurricane can benefit from these special loans.”

The original declaration included only Pennsylvania counties, but now includes Burlington County. July, 12 The hurricane caused intense rainfall of more than 6 inches over a 4-hour period that resulted in significant flash flooding in parts of Burlington County, but especially in Florence, Burlington borough and Burlington City.

“It was vital to us and our residents that Burlington County was included in the federal statement of natural disasters,” said Senator Singleton. “Both sides of the Delaware River have been hit by flooding, so New Jersey residents and businesses should have the same rights as Pennsylvania residents. I want to thank Governor Murphy for caring for the people of Burlington County. ”

County businesses and residents that suffered damage or loss as a result of 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 loans in the event of a disaster can help businesses repair or replace disaster-damaged property.
  • Economic Disaster Loans can provide working capital loans to help small businesses meet their financial obligations that cannot be met by a natural disaster.
  • Disaster loans for homeowners or tenants to repair or replace disaster-damaged real estate and personal property, including cars.

“People need to get back to their homes and work as soon as possible, and I will continue to do everything in my power to help. Applying for these low-interest loans with the Small Business Administration is a great start to make this happen, ”Singleton said.

Loans can be of any amount, but are capped at $ 200,000 for homeowners and tenants, and businesses and nonprofits can borrow up to $ 2 million. The loan term is up to 30 years and the determining factors are income and credit rating.

“The Low-Interest FDA Disaster Recovery Loans are a welcome opportunity for people to repair or replace disaster-damaged assets,” Hopson said. “We are grateful to Governor Murphy and the SBA for quickly developing this program so our residents and businesses can recover.”

Residents just need to apply online or call / email the SBA:

Credit newsletter: https://disasterloanassistance.sba.gov/ela/sfc/servlet.shepherd/version/download/068t000000RE7GlAAL

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