WASHINGTON – October 5, 2024 (GLOBE NEWSWIRE) — Following President Biden’s decision letter to Congress on disaster relief needs to support communities devastated by Hurricane Helene, Isabel Casillas Guzmán, Administrator of the US Small Business Administration (SBA) is urging Congress to replenish the SBA’s vital disaster loan program for affected small businesses, homeowners, renters and nonprofits before funds run out, which will likely occur before the end of October.
“SBA is in communities across 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 Guzmán. “We look forward to working with Congress to secure the federal resources needed to ensure the SBA can continue to fund affordable disaster loans for homeowners, renters, small businesses and nonprofit organizations. “Americans should not have to wait for critical assistance when they need it most.”
While the SBA will be able to continue sharing information about its disaster loan programs and assisting borrowers with the initial processing and servicing of their loans in affected communities, if funding lapses, all new offers will be withheld and delayed until program funding is replenished.
When a disaster strikes, the SBA steps in immediately to provide financial relief to small business owners, nonprofit organizations, homeowners and renters with long-term, low-interest loans. Disaster loans of up to $500,000 are available to homeowners to repair or replace real property destroyed or damaged by the disaster. Homeowners and renters are eligible to receive up to $100,000 to repair or replace personal property damaged or destroyed by the disaster. Companies can access loans of up to $2 million.
Interest rates are as low as 4% for businesses, 3.25% for nonprofits, 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 after the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.
Applicants can apply online and receive additional information about disaster assistance at sba.gov/disaster. Applicants can also call the SBA Customer Service Center at (800) 659-2955 or send an email disastercustomerservice@sba.gov for more information about SBA disaster assistance. For people who are deaf, hard of hearing, or speech impaired, dial 7-1-1 to access telecommunications relay services.
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About the US Small Business Administration
The U.S. Small Business Administration helps fuel the American dream of business ownership. As the only resource and voice for small businesses backed by the strength of the federal government, the SBA provides entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a crisis. declared disaster. Provides services through an extensive network of SBA field offices and partnerships with public and private organizations. For more information, visit www.sba.gov.
