Low-interest federal disaster loans are now open to small businesses, private nonprofits, homeowners and renters across three South Jersey counties and four in Pennsylvania hit by the severe storms of July 11, under an administrative disaster declaration the U.S. Small Business Administration issued July 30.

The declaration was published in the Federal Register on Aug. 5 and sets an incident period of July 11, 2026. Physical damage loan applications are due by Sept. 28, 2026, and Economic Injury Disaster Loan applications by April 30, 2027. Applications are being taken online through the MySBA Loan Portal at lending.sba.gov, or in person at locally announced sites.

Coverage extends to Burlington, Camden and Gloucester counties in New Jersey, along with the Pennsylvania counties of Bucks, Delaware, Montgomery and Philadelphia. Applicants in all seven are eligible for both physical damage loans and economic injury loans. The declaration followed a request from Pennsylvania Gov. Josh Shapiro, submitted in late July after damage assessments in Philadelphia and the surrounding counties.

The storm system that triggered the declaration moved through the region on a Saturday afternoon, producing a series of microbursts with wind gusts reported near 70 miles per hour across West and South Philadelphia and into the suburbs. Trees came down across roads, basements and streets flooded, thousands of utility customers lost power, and a roof was torn off a Philadelphia Housing Authority building, displacing more than 30 residents. The damage crossed the Delaware into Burlington, Camden and Gloucester counties, where South Jersey businesses absorbed both structural losses and days of interrupted trade.

For business owners, the loan ceiling is $2 million to repair or replace damaged real estate, machinery and equipment, inventory and other business assets. Homeowners may borrow up to $500,000 against a primary residence, and homeowners and renters alike may borrow up to $100,000 to replace personal property including clothing, furniture, appliances and vehicles.

Rates run as low as 4% for businesses, 3.625% for private nonprofits and 2.875% for homeowners and renters, with terms stretching to 30 years. No interest accrues and no payment is due until 12 months after the first disbursement — a grace period that matters for a South Jersey retailer or contractor trying to rebuild cash flow before taking on a new obligation. Eligibility, loan size and repayment terms are set case by case based on each applicant’s financial condition.

SBA Regional Administrator Matt Coleman, who oversees the agency’s Atlantic Region including New Jersey, said impacted businesses, nonprofits, homeowners and renters in contiguous counties qualify under the declaration and pointed to the $2 million business ceiling and the separate personal property and residential limits available to households.

Borrowers taking physical damage loans can also request an increase of up to 20% above verified damage to pay for mitigation work — reinforcing structures against high winds, installing wind-rated garage doors, or adding a safe room or storm shelter. For property owners in a corridor that has now drawn multiple storm declarations in a single summer, that provision converts a repair loan into a hardening project.

The Economic Injury Disaster Loan program runs on a separate track and is the piece most relevant to businesses that came through the storm with their buildings intact but their books damaged. It covers working capital losses tied directly to the disaster and is available even where there was no physical damage at all, with proceeds usable for fixed debts, payroll, accounts payable and other bills that went unpaid because of the storm. Small agricultural cooperatives and private nonprofits, including faith-based organizations, are eligible. Agricultural producers, farmers and ranchers are excluded, with an exception carved out for small aquaculture operations.

Beginning Aug. 4, agency customer service representatives have been staffing a Disaster Loan Outreach Center in Philadelphia County to walk applicants through the program, explain the process and help complete paperwork. Walk-ins are accepted, and in-person appointments can be scheduled in advance at appointment.sba.gov.

The declaration is the second storm-related package the agency has extended into New Jersey this summer. A separate declaration covering severe storms in early July opened economic injury loans to Sussex and Warren counties alongside seven Pennsylvania counties. For small-business owners in Burlington, Camden and Gloucester, the practical deadline is the one on physical damage claims: applications close Sept. 28, less than eight weeks out, and the agency verifies losses before it sets a loan amount.

JBizNews Desk | Camden, N.J.

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