Burlington County, New Jersey – Burlington County residents and businesses are eligible for a federal government disaster relief loan following a flash flood that hit the region on July 12, officials said.
Burlington County Commissioner Felicia Hopson and State Senator D-Burlington have worked with Gov. Phil Murphy to secure low-interest federal loans from the Small Business Administration (SBA), officials said. The original declaration only included Pennsylvania counties, officials said.
“The severe 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,” Hopson said. “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.”
“It was vital to us and our residents that Burlington County was included in the federal declaration of natural disasters,” Singleton said. “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 for that. happens, ”Singleton said.
Loans can be of any amount, but are limited to $ 200,000 for homeowners and renters. Businesses and non-profit organizations can borrow up to $ 2 million. Loans have a term of up to 30 years and income and credit rating are the determining factors.
“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.”