SBA Administrator, Karen Mills, has opened chest for Pennsylvania businesses and residents so that they can obtain loans to recover from fire borne disasters that occurred on October 5th, 2012. Affected businesses can apply for low-interest disaster loans from the SBA.
Mills declared Pennsylvania as disaster prone in response to a letter from Gov. Tom Corbett on Oct.15th. The disaster declaration will give coverage to Montgomery County and similar adjacent counties such as Bucks, Berks, Chester, Delaware, Lehigh and Philadelphia. Loans will be made available to all these counties for businesses that suffered losses.
Federal Disaster Loans will be available for homeowners, renters and businesses of all sizes. People of Pennyslvania will find the most effective and customer focused response. They can stand up and stay functional after the disaster is over.
Grants of $200,000 will be made available to homeowners so that they can repair destroyed real estate. Funds of $40,000 will be available for repairing damaged or destroyed real estate. For small businesses, loans can extend up-to $2 million. With these kinds of support , disaster to any extent can mitigated and businesses can recover from physical and economic losses.
SBA can increase grants up-to 20 percent of the total amount for overcoming disaster damage to property, real estate and other leasehold improvements. With the grant, repairing of machinery, real estate, equipment and other business asset can be carried out.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com