Governor Tom Corbett today announced that the U.S. Small Business
Administration approved his request to declare Centre County a disaster area after a devastating fire in Bellefonte damaged dozens of homes and businesses last month.
Small Business Administration (SBA) officials, along with local and state officials,
conducted damage assessments at the site. The governor used the damage
assessment results to support his assistance request to the SBA.
"We are grateful that the Small Business Administration granted our request for
assistance for those affected by this fire," Corbett said. "Financial assistance is
necessary for some people to get their lives back in order."
According to Pennsylvania Emergency Management Agency Director Glenn Cannon, the damage in Centre County from the Sept. 9th fire exceeds the SBA criteria of at least 25 homes and/or businesses with uninsured losses of 40 percent or more of their estimated fair market value.
Low-interest loans of up to $200,000 are available to homeowners to repair or
replace damaged or destroyed real estate. SBA regulations permit loans up to
$40,000 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.
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