U.S. Senator Bob Casey (D-PA) today announced that federal economic injury disaster loans are available to small businesses in 5 Pennsylvania counties due to drought and excessive heat.
Small businesses, small agricultural cooperatives and most private non-profit organizations in Erie, Lawrence, Mercer, Crawford and Beaver Counties are eligible for relief from the U.S. Small Business Administration as a result of excessive heat and drought that began this spring.
"For small businesses that have been negatively impacted by the hot and dry conditions that have plagued the region, this declaration will offer a measure of support to help them through a difficult time," said Senator Casey.
Under this declaration, the SBA's Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.
The loan amount can be up to $2 million with interest rates of 3 percent for non-profit organizations of all sizes and 4 percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.