U.S. Small Business Administration Opens a Business Recovery Center in Philadelphia

The U.S. Small Business Administration (SBA) announced today the opening of an additional Recovery Center for businesses affected by Hurricane Irene and Tropical Storm in Philadelphia.

The center will open Tuesday, October 11, 2011 at 4212 Chestnut Street and will remain open Monday through Friday, 9:00 a.m. to 6 p.m., until further notice.

SBA’s representatives will be on hand at the center to issue loan applications, answer questions about the disaster loan program, explain the application process and assist business owners in completing their applications.

“Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said David Dickson, SBA’s Philadelphia district director. The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

The deadlines for Hurricane Irene and Tropical Storm Lee to return applications for physical property damage is November 14, 2011 and to return economic injury applications is June 12, 2012.

To obtain additional assistance call the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an email to disastercustomerservice@sba.gov. Those affected by this disaster may fill out a loan application online by visiting SBA’s website at https://disasterloan.sba.gov/ela/.

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For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov.