(Camden, NJ) — On Thursday, it was announced by the U.S. Small Business Administration that small businesses in Camden County can apply for low interest Economic Injury Disaster Loans if they were impacted by the recent collapse of I-95.
Small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations affected by the collapse can also apply for a loan.
“The collapse of this major corridor on I-95 took a toll on everyone in the region,” said Commissioner Director Louis Cappelli Jr. “Not only were commuters and residents put into a bind, but small businesses along this route also took a hit while the road was being repaired. It is incredible that those who were negatively impacted by this incident can feel some relief, as small businesses are the lifeline of the South Jersey/Philadelphia region, and we will do anything to ensure they stay afloat.”
Interest rates are set at 4% for businesses and 2.4% for nonprofit organizations, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. The filing deadline to return economic injury applications is March 29, 2024.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration #17980.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or emailing DisasterCustomerService@sba.gov.
Loan applications may be downloaded at sba.gov/disaster. Completed applications should be returned to the center or mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.