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Local entrepreneur gets a boost from Small Business Development Center

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On an average day, Trina Worrell Benjamin handles invoices, returns calls and emails, directs a team of nearly a dozen employees and manages a client roster that has included big names like Rite Aid and Toys“R”Us. She admits her first steps into entrepreneurship were not easy. But with the help of…

Local entrepreneur gets a boost from Small Business Development Center

  • SBDC: Temple University SBDC
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    • 20190320 trinawbenjamin 004 938x528 1

Superstorm Sandy Disaster Loan Filing Deadlines Extended for Businesses and Residents Facing Damages

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The U.S. Small Business Administration (SBA) has reopened the disaster loan filing period for businesses and residents recovering from Superstorm Sandy until December 1, 2016.

“More than $8.5 million in low interest SBA disaster loans have been approved over the past month,” said SBA Administrator Maria Contreras-Sweet. “This is a great start and we look forward to helping more small businesses … with their long-term disaster recovery needs—regardless of whether they have an existing disaster loan, need more funds, or are applying for an SBA disaster loan for the first time.”

SBA has revised the disaster deadline for Superstorm Sandy in areas of New Jersey, Delaware, New York, and Pennsylvania including the contiguous Pennsylvania counties of Bucks, Delaware, Monroe, Northampton, Philadelphia and Pike.

Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

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.

Interest rates are as low as 4 percent for businesses and 3 percent for non-profit 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.

Businesses may apply online using the Electronic Loan Application (ELA) via SBA’s secure website.

A fact sheet is available to answer many frequently asked questions. Additional details on the locations of recovery centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to .

The filing deadline to return applications for physical property damage is Dec. 1, 2016. The deadline to return economic injury applications is Dec. 1, 2016.

For more information about the SBA’s Disaster Loan Program, visit their website at https://www.sba.gov/disaster, where you may also view this press release in its original form.