Federal loan program hopes to help businesses impacted by I-95 collapse
PHILADELPHIA (CBS) -- Traffic is flowing on the temporary lanes of I-95, but money isn't flowing into local businesses following the collapse of that roadway.
A loan program of up to $2 million from the federal government could give people a helping hand.
RELATED: How businesses impacted by I-95 collapse can apply for assistance
Liliana Tschanett with the U.S Small Business Administration was going door-to-door talking to people in Tacony about how they can get extra cash to help offset any financial hit from the I-95 collapse.
"We are offering the economic injury disaster assistance loans, short for 'E.I.D.L.,' to all business owners, big or small, in this area that were financially impacted from this incident," Tschanett said.
One of those businesses that are considering applying for the fixed rate loan is Aztec Signs on Torresdale Avenue.
Owner John Nolen says they've been making signs for 32 years and the traffic from the collapse impacted their production.
RELATED: I-95 collapse in Philadelphia: Highway hazmat accidents on the rise
"For those several weeks with the issue we weren't able to get materials to build signs nor could we get the signs out," Nolen said.
Nolen says even though I-95 is back open thanks to a temporary fix, there are still lingering effects.
"You might be able to pass Tacony on 95, but access in and out is still real limited," Nolen said.
And aside from going door-to-door, the SBA has also opened up a business recovery center at Philadelphia Fire Engine 38.
"Business is very slow, and customers cannot access my location," said Ben Abdelkader, the owner of Forever Marble who was looking for info on the the business recovery center.
Abdelkader says he started the application for the SBA loan but doesn't think it's a right fit for him.
"I'm still not finished. I have to go back online, but I may let go of this," Abdelkader said.
SBA says they've had more than 20 inquiries since Friday about the loan program.
RELATED: Preliminary report of NTSB I-95 Philadelphia collapse investigation released
"In the end, if you help one business, one business only, it's going to come back to you tenfold," Tschanett said.
The recovery center is open until July 21, but businesses have until March 29, 2024, to apply for assistance.
