SBA loans offer recovery relief

HOLMES BEACH – A new financial option may be available to residents and business owners affected by recent hurricanes.

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Anna Nunez appeared before commissioners on Dec. 17 to discuss the U.S. Small Business Administration loans that are available to assist disaster victims. She said the loans are open to businesses, property owners and renters for physical and economic injury loans.

Business physical damage loans are available for up to $2 million to help owners recover from physical and financial losses related to the hurricanes.

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Home disaster loans for up to $500,000 are available to help cover damage to a primary resi dence damaged by the hurricanes. Up to $100,000 loans are available to homeowners and renters to cover hurricane-damaged personal items, including furniture, cars and clothing.

Economic injury disaster loans for up to $2 million are available to small businesses and nonprofits to help meet ordinary financial obligations, such as payroll, rent and utilities. These are also known as working capital loans and are designed to help keep small businesses and nonprofits in business while they weather the financial implications related to a disaster.

Nunez said that some of the benefits of SBA loans include a low fixed interest rate, no payments for up to 12 months, no interest for up to 12 months, repayment terms of up to 30 years and no need to wait for insurance to apply. There is no application fee.

Mitigation loans are also available to help people and businesses build back better to help mitigate the effects of future storms.

All information and applications can be found online at www.sba.gov/disaster or by calling 1-800-659-2955.

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Nunez encouraged everyone who is eligible to apply. She said there is no obligation to accept a loan if offered and applicants have 60 days to accept the loan once offered.

The deadline to apply for physical damage loans due to Hurricane Helene or Hurricane Milton is Tuesday, Jan. 7.

The deadline to apply for economic injury disaster loans related to the hurricanes is Saturday, July 11.

When applying for an SBA loan, applicants may see a notice that approvals are on hold due to funding. Nunez said this should not deter anyone from applying for one of the loans and that loans are expected to be fully funded by Congress.

To apply for a loan, homeowners, renters and business owners need to provide email addresses and other contact information, a Social Security number, financial information including income and monthly expenses, a copy of the most recent federal income tax return and any insurance information, if available.