Thompson: Low-Interest SBA Loans Now Open to Business Owners, Nonprofits and Homeowners After July Storms
WASHINGTON, D.C. – RealEstateRama – U.S. Representative Glenn “GT” Thompson (Pa.-15) announced that businesses, private nonprofits, homeowners, and renters affected by the severe storms and flooding of July 28, 2026, can now apply for low-interest federal disaster loans through the U.S. Small Business Administration (SBA) to help cover physical damage.
“Severe storms throughout the region caused devastating property damage this past July. As a result, the Small Business Administration is offering low-interest loans for those affected. I encourage eligible applicants to contact my office, which is available to support anyone who needs more information or guidance,” Rep. Thompson said.
Eligible counties
Residents and businesses in the following counties in Pennsylvania’s 15th Congressional District can apply for physical damage loans and Economic Injury Disaster Loans: Cameron, Centre, Clearfield, Clinton, Elk, Indiana, and Jefferson.
Application deadlines
- Physical property damage: October 19
- Economic injury: May 19, 2027
SBA will continue to accept applications for 60 days after each deadline passes.
Loan amounts
- Businesses and private nonprofits: Up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
- Homeowners: Up to $500,000 to repair or replace a primary residence.
- Homeowners and renters: Up to $100,000 to repair or replace personal property such as clothing, furniture, cars, and appliances.
- Mitigation: Applicants may qualify for an increase of up to 20% of their SBA-verified physical damage to fund protective improvements, such as reinforcing structures against high winds, installing wind-rated garage doors, or adding a safe room or storm shelter.
Rates and terms
Interest rates start as low as 4% for businesses, 3.625% for nonprofits, and 2.875% for homeowners and renters, with repayment terms of up to 30 years. Interest does not accrue, and no payments are due, until 12 months after the first loan disbursement. SBA sets eligibility, loan amounts, and terms based on each applicant’s financial condition.
