SBA Approves Request; Loans Up To $200K For Bucks Co. Residents

BUCKS COUNTY, PA — The U.S. Small Business Administration has approved Governor Tom Wolf's request to make financial aid available to Bucks residents following the 100-year flooding event on July 12.

Aid will also be available through the SBA Disaster Loan Programs in Philadelphia, Tioga, Bradford, Delaware, Lehigh, Lycoming, Montgomery, Northampton and Potter counties.

“The devastation caused by this flooding will linger in the minds of survivors for years to come,” Wolf said. “But it is our hope that these low-interest loans provide much-needed assistance in helping people get back to normal as quickly as possible.”

The areas most affected by flash flooding received up to 10 inches of rain in the catastrophic thunderstorms. Many residents have been struggling since.

When the damage in Bucks did not meet federal levels for Individual Assistance, Wolf decided to pursue SBA loans as the likeliest route to direct aid for residents in need.

Low-interest loans of up to $200,000 are available to homeowners and renters to repair or replace damaged or destroyed real estate. SBA regulations also permit loans up to $40,000 to repair or replace damaged personal property, including vehicles.

Businesses and nonprofits can borrow up to $2 million to restore damaged or destroyed buildings, inventory, equipment and other physical losses. Economic Injury Disaster Loans are also available and may also be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, whether or not the business sustained physical damage from the storm.

The SBA offers long-term repayment options to keep payments affordable, with terms up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

The SBA will open Disaster Loan Outreach Centers (DLOCs) in Bucks County and Philadelphia to provide in-person assistance for those wishing to apply, and anyone from any county included in the disaster declaration can visit any DLOC location. The Tioga County DLOC will be established virtually.

Businesses and individuals may also immediately obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing DisasterCustomerService@sba.gov.

In Bucks County, the DLOC will be established at the Lower Bucks Government Services Center, located at 7321 New Falls Rd in Levittown.

Hours of operation are tentatively:

Monday, Aug. 2 from 12 p.m. – 6 p.m.

Tuesday, Aug. 3 – Friday, Aug. 6 from 9 a.m. - 6 p.m.

Saturday, Aug. 7 from 10 a.m. - 2 p.m. (the only Saturday)

Monday, Aug. 9 – Wednesday, Aug. 11 from 9 a.m. - 6 p.m.

Thursday, Aug. 12 from 9 a.m. - 4 p.m.

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Got tips, story ideas, or questions in Lower Bucks County? Email kate.fishman@patch.com.