Small Business Administration deadline approaches to get loans to pay for fall’s hurricane losses

A deadline is fast approaching to borrow money to pay for damages from hurricanes Helene and Milton.

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The Small Business Administration is offering loans to businesses and people who had losses in the storms.

The deadline to apply is Tuesday, January 7.  

The SBA will loan up to $2 million to businesses. A homeowner or renter can get up to $100,000 to cover belongings and vehicles lost to the storms. People also can get up to $500,000 for damage or loss of real estate.

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Rick Corrales of the Small Business Administration says the agency will work with applicants to set up reasonable repayment plans.

“We don’t look at credit scores,” he said. “We look at: can they make the payment back?  So re-paying the loan is really what we are looking at.  And If they need help we have ‘live’ centers and 800 numbers that they can contact us, to get ‘live’ help in order to get their application in.”  

The interest rates on the loans can range from just under 3 and up to 8 percent.  Repayment periods can range from a few years, up to 30. There are no origination fees for SBA loans, according to Corrales, and no penalty for paying off a loan early.

The SBA said it has paid on 37,000 applications to cope with damages from Helene and Milton in Florida.  

It said another 60,000 applications from Florida residents and companies are awaiting approval.   But Corrales said the agency believes there could be thousands more people and businesses that need help.

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Helene made landfall on the west coast of Florida, north of Tampa-St. Petersburg, in late September. Milton came onto land south of Tampa just two weeks later.

You can submit an application online by using the MySBA Loan Portal at The call center number is: 1-800-659-2955.

“We’re here to help get as many applications into the system,” Corrales said. “That way they can get a reply on what they need, and what we can offer. And we all can get back to normal.”

WGCU is your trusted source for news and information in Southwest Florida.
MIke Walcher is a reporter with WGCU News.
He also teaches in the FGCU Journalism program.