Low-Interest SBA Loans Available To Chester County Businesses, Residents Harmed By Ida

WEST CHESTER, PA — Following the Federal Declaration of Disaster for Chester County, residents and businesses affected by the remnants of Hurricane Ida can now apply for low-interest loans from the U.S. Small Business Administration (SBA).

Chester County Government announced Tuesday the service is in addition to the FEMA federal disaster assistance made available to Chester County, as well as Bucks, Delaware, Montgomery, Philadelphia, and York Counties, through last week's Presidential Disaster Declaration.

Hurricane Ida pushed through the northeastern United States on Sept. 1 and 2, dumping record rainfall that swelled Chester County's rivers and creeks to historic levels and flooded homes and businesses.

Under the SBA disaster assistance program, certain Chester County homeowners, renters, and business owners can apply for loans to repair or replace disaster-damaged or destroyed real estate and to repair or replace disaster-damaged or destroyed personal property, the County said.

Business and private nonprofit organizations of any size that qualify, may borrow funds to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Mitigation improvement loans may also be available to businesses and nonprofit organizations.

The Small Business Association federal loans can help with losses not covered by insurance or the FEMA disaster assistance, as well as business operating expenses that could have been met had Hurricane Ida not occurred.

"The addition of this SBA low-interest loan program is welcome news for those whose homes and businesses have been devasted by Ida, and who are looking at all options to recover financially," said Mike Murphy, Director of the Chester County Department of Emergency Services.

"This is another step in moving forward, and in addition to the federal financial support, staff throughout Chester County government will continue to help with the housing, physical health, mental health, and other services needed to ensure complete recovery from this disaster," added Murphy.

Chester County residents and businesses that have sustained damage caused by Hurricane Ida can start their application process for all funding assistance options by registering here or by calling the FEMA toll-free helpline at 800-621-3362.

In-person registration for assistance and information will be available at Chester County's FEMA Disaster Recovery Center (DRC), the location of which will be announced in the coming days.

For all current and future information related to Hurricane Ida support and recovery in Chester County, including more information on the SBA disaster loan assistance program, go to the County's Hurricane Ida information page.

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