Thursday, May 9, 2024

SBA provides loans for businesses affected by I-95 collapse.

Low-Interest Loan Program to Assist Businesses Impacted by I-95 Collapse

Pennsylvania Governor Josh Shapiro announced on Friday that temporary lanes on I-95 would be reopening at noon. This comes after a disaster declaration was made due to a portion of the interstate collapsing, resulting in the use of federal funds to rebuild the roadway. However, while the reopening of I-95 is good news for many, there are concerns about the impact on nearby State Road and the businesses in the surrounding area.

In response to these concerns, the U.S. Small Business Administration (SBA) has launched a low-interest loan program to provide financial assistance to businesses that were affected by the collapse of I-95. This program aims to ease the financial burden faced by businesses that suffered a significant loss of cash flow due to disrupted traffic routes during the two weeks it took to replace the collapsed stretch of the interstate.

The SBA’s Economic Injury Disaster Loan program offers low-interest loans for small businesses and most private nonprofit organizations. At least seven small businesses have been identified as having suffered economic harm as a result of the I-95 collapse and will be eligible to apply for financial assistance through this program.

Governor Shapiro expressed his support for the program, acknowledging the impact of the collapse on small businesses in northeast Philadelphia. He stated that while efforts were made to reopen the highway quickly, more needs to be done to ensure that these businesses are able to recover. He directed his administration to work with the City of Philadelphia and the SBA to secure the declaration and provide businesses with access to low-interest emergency loans.

Loan applications for the program can be submitted online or by mail. For more information about the program and how to apply, please visit the SBA’s website.

Source

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