The United States Small Business Administration (SBA) is reminding community members that disaster assistance may be available in relation to severe storms that took place in March of this year.
Residents, businesses, and organizations may have loans available to help recover from storm-related financial hardship, losses, and property damage.
Both homeowners and renters may qualify for long-term, low-interest loans from the Small Business Administration. The loans are to be used to repair or replace damaged property. The SBA shares that homeowners could potentially receive up to $500,000 to repair damage to their primary residence. Both homeowners and renters may receive up to $100,000, to replace vehicles or other personal property.
Businesses and private non-profit organizations may also qualify for government assistance, including loans for property damage, equipment replacement, or operating expenses. Some loans for businesses and organizations may provide up to $2 million in assistance.
Economic Injury Disaster Loans (EID Loans) are also offered by the SBA, and are designed to help businesses meet their financial obligations and continue operating after a disaster.
Lane Davis, Public Affairs Specialist with the Small Business Administration Office of Disaster Recovery and Resilience, shared some good additional information with WKVI. “A good thing to know is, on top of the loan, if you get a physical damage loan, you could get an additional 20% of what you’re approved for to mitigate your property. Mitigate pretty much means to protect from a future disaster.” Davis shared that this can increase property value.
The deadline to apply for one of these loans through the SBA is June 8th. There is no obligation to applicants to accept the loan offer, nor is there a cost to apply.
Those interested in applying for a disaster assistance loan can go to sba.gov/disaster.
