Loans available for Chesco businesses for storm damage

CHESTER COUNTY

Business loans for storm damage

WEST CHESTER Low-interest disaster loans from the federal government are available to businesses impacted by February's severe storms, according to the Chester County Commissioners.

The loans are being offered from the U.S. Small Business Administration to small businesses, agricultural cooperatives, aquaculture businesses and eligible private nonprofits for losses sustained from Feb. 3 to 28, according to a news release.

Loans are available for up to $2 million for eligible parties at rates of 4 percent for small businesses and 2.625 percent for nonprofits, with terms up to 30 years, according to the release.

Shortly after February's severe storms, five Chester County businesses registered interest in the loans, according to county spokeswoman Becky Brain. Brain said that allowed the governor's office to ask the SBA to make the loans available.

Applications and information are available by calling 1-800-659-2955 or by e-mailing disastercustomerservice@sba.gov. Applications can also be made online at disasterloan.sba.gov/ela or downloaded at www.sba.gov/disaster. The deadline to apply is Jan. 2, 2015. - Tricia L. Nadolny