WASHINGTON -, Oct. 05, 2024 (GLOBE NEWSWIRE) — Following President Biden’s letter to Congress regarding disaster relief needs to support communities devastated by Hurricane Helene, U.S. Small Business Administration (SBA) Administrator Isabel Casillas Guzman is urging Congress to replenish the SBA’s vital disaster loan program for impacted small businesses, homeowners, renters, and non-profits before funds become depleted, which is likely to occur before the end of October.
“The SBA is on the ground in communities around the country, scaling up to ensure we can help disaster survivors access the financial relief they need following the devastation of Hurricane Helene and other disasters,” said Administrator Guzman. “We look forward to working with Congress to secure the federal resources necessary to ensure the SBA can continue funding affordable disaster loans for homeowners, renters, small businesses, and nonprofits. Americans should not have to wait for critical assistance when they need it the most.”
While the SBA will be able to continue sharing information about its disaster loan programs and assisting borrowers with initial processing and servicing their loans in impacted communities, if funding lapses, all new offers will be held back and delayed until program funding is replenished.
When disaster strikes, the SBA steps in immediately to provide financial relief to small business owners, nonprofits, homeowners, and renters with long-term, low-interest loans. Disaster loans up to $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property. Businesses can access loans up to $2 million.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.813% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online and receive additional disaster assistance information at sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
# # #
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Wall St Business News, Latest and Up-to-date Business Stories from Newsmakers of Tomorrow