Loans Available For Small Businesses Impacted By I-95 Collapse

PHILADELPHIA — Businesses in Philadelphia and the surrounding area that saw negative economic impacts from the closure of Intestate 95 after the collapse and demolition can get some help.

Gov. Josh Shapiro Friday said the U.S. Small Business Administration granted an administrative declaration of a disaster for the businesses impacted by the I-95 collapse in Philadelphia.

At least seven small businesses in the disaster area have sustained substantial economic injury as a result of the disaster and will be eligible to seek financial assistance, according to Shapiro's office.

The SBA’s Economic Injury Disaster Loan program provides low-interest loans for small businesses, small agricultural cooperatives, and most private nonprofit organizations

Up to $2 million can be granted to help businesses meet financial obligations and operating expenses that could have been met had the disaster not occurred.

The SBA tailors the repayment of each disaster loan to the borrower’s financial capability.

"Over the past two weeks, I visited several of the small businesses in northeast Philadelphia and I know the I-95 collapse significantly impacted their business," Shaprio said. "My Administration led an all hands on deck response to get the highway reopened as quickly as possible so customers can return – but I know we need to do more to make those small businesses whole."

Shapiro said the declaration gives businesses access to low-interest, emergency loans.

"We’ll continue to cut through the red tape and provide the support Philadelphia needs as we work to rebuild and recover," he said.

Since the initial collapse, Shapiro and Pennsylvania Department of Transportation Secretary Mike Carroll led a coordinated state, local, and federal response to reopen the roadway safely and as quickly as possible.

The road reopened on Friday, June 23, just 12 days after the fatal crash that caused the collapse.

Shapiro wrote a letter to the SBA requesting disaster loan assistance following information provided by the Pennsylvania Emergency Management Agency, who conducted sample surveys of the affected businesses to determine the economic impact of the disaster.

Loan applications will be made available online or by mail.

Go online here for additional information on low-interest SBA loans or the application process.