US Small Business Administration to offer loans to businesses impacted by I-95 collapse
PHILADELPHIA - Some Philadelphia businesses may get financial assistance thanks to a low-interest loan program from the U.S. Small Business Administration.
The purpose of the loan program is to ease financial woes for businesses that were impacted by the collapse of a portion of I-95.
The collapse caused Pennsylvania Governor Josh Shapiro to announce a disaster declaration, resulting in the immediate use of federal funds to rebuild the roadway.
In the two weeks it took crews to replace the collapsed stretch of the interstate, some businesses lost up to 50 to 60 percent of cash flow due to disrupted traffic routes.
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The SBA’s Economic Injury Disaster Loan program provides low-interest loans for small businesses and most private nonprofit organizations.
Officials say at least seven small businesses suffered economic harm as a result of the I-95 collapse and they will be eligible to seek financial assistance.
"Over the past two weeks, I visited several of the small businesses in northeast Philadelphia and I know the I-95 collapse significantly impacted their business. My Administration led an all-hands-on deck response to get the highway reopened as quickly as possible so customers can return – but I know we need to do more to make those small businesses whole," said Governor Shapiro. "That’s why I directed my Administration to work with the City of Philadelphia and the Small Business Administration to secure this declaration and give businesses access to low-interest, emergency loans. We’ll continue to cut through the red tape and provide all the support Philadelphia needs as we work to rebuild and recover."
Loan applications will be available online or by mail. For more information click here.