The U.S. Small Business Administration (SBA) recently approved a request by Gov. Tom Wolf to declare a disaster in Allegheny County due to intense storms that produced damaging flash flooding between July 21 and 22.
Homeowners, renters, and businesses impacted by the flooding in Allegheny County as well as the neighboring counties of Armstrong, Beaver, Butler, Washington, and Westmoreland may be eligible for low-interest disaster loans through the SBA Disaster Loan Programs.
“Increasingly, citizens throughout the commonwealth are being negatively impacted by fast-moving, intense storms that cause damaging flash flooding,” Wolf said. “This flooding occurs with little or no warning, and those affected rarely have time to prepare. We want families to know they have a financial lifeline available to them if they need it through the SBA.”
Low-interest loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Loans of up to $40,000 are available to repair or replace personal property. Businesses and nonprofits can borrow up to $2 million to restore damaged or destroyed buildings, inventory, equipment, and assets. Loan amounts and terms are set by the SBA and are based on each applicant’s financial qualifications.
The SBA will establish a Disaster Loan Outreach Center to assist those who wish to apply for a loan.