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Impacted by the Ice Storm? Your Business May Qualify for a Disaster Loan, County Says

In order to make available these Economic Injury Disaster Loans, Chester County must show that at least five county businesses sustained substantial economic injury from the ice and snow storms.

Impacted by the Ice Storm? Your Business May Qualify for a Disaster Loan, County Says
The following was submitted to Patch by Chester County:

Did your small business suffer economic loss due to the ice and snow storms in February?

If yes – you want to read this!

If your small business has sustained substantial economic injury, regardless of physical damage, you may be eligible for financial assistance from the U.S. Small Business Administration (SBA).

Small businesses and agricultural cooperatives that have suffered substantial economic injury resulting from the ice and snow storms between February 4, 2014 and February 15, 2014 may be eligible for the SBA’s Economic Injury Disaster Loan Program. Substantial economic injury is the inability of a business to meet its obligations as they mature and to pay its ordinary and necessary operating expenses.

An Economic Injury Disaster Loan can help you meet necessary financial obligations that your business could have met had the ice and snow storms not occurred. It provides relief from economic injury caused directly by the ice and snow storms and permits you to maintain a reasonable working capital position.

The SBA provides Economic Injury Disaster Loans only to those businesses they determine are unable to obtain credit elsewhere. The SBA can provide up to $1.5 million in disaster assistance to a business. This loan cap includes both economic injury and physical damage assistance. Your loan amount will be based on your actual economic injury and financial needs.

The interest rate on Economic Injury Disaster Loans cannot exceed 4% per year. The term of these loans cannot exceed 30 years. Terms will be determined by your ability to repay the loan.

In order to make available these Economic Injury Disaster Loans, we must show that at least five Chester County businesses sustained substantial economic injury from the ice and snow storms.

Please complete the form located here; http://pa-chestercounty.civicplus.com/DocumentCenter/View/15868 and submit it no later than March 7, 2014 to chestercountyeoc@chesco.org
To view an example of a completed form, click here; http://pa-chestercounty.civicplus.com/DocumentCenter/View/15869

Please remember, right now there is no money available. We need the forms completed and submitted so we can show the SBA there is a need. Once the SBA determines there is a need, funding will be announced and made available.

For questions, please contact Jeff Emmons at jmemmons@chesco.org or 610-344-5042. 

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