As area residents recover from Hurricane Helene, there’s one agency they might not necessarily think of that can be a source of help – the Small Business Administration and its office of Disaster Recovery & Resiliency.
“Despite the agency name, 80% of loans funded are to homeowners and renters after a disaster is declared,” said Elijah Neahous, an SBA customer service representative.
On Friday, Nov. 1, a temporary SBA Portable Loan Outreach Center opened at the Mayor’s Satellite HQ office, at 4104 Windsor Spring Rd, behind Parker’s Kitchen, in Hephzibah.
The SBA Office of Disaster Recovery & Resilience works alongside FEMA when there is a Presidential Disaster Declaration, such as Hurricane Helene offering low-interest, long-term loans to cover damages not covered by insurance, FEMA or another source, according to an SBA news release.
Loans are available to homeowners, renters, businesses of all sizes and non-profit organizations that had storm or flooddamage from Hurricane Helene, starting on Sept. 24, 2024.
People living in the 61 Georgia counties included in the Hurricane Helene Presidential Disaster Declaration who had physical damage to their home, personal property, business or non-profit, can apply for a low-interest loan from the SBA.
There is no cost to apply, and applicants have two months to decide to accept the offer after receiving it. Also, there is no interest or payments for the first year, and no pre-payment penalties. The deadline is Nov. 29, according to the news release.
People who’ve already used a credit card or obtained a bank loan to pay for repairs to a home or business, or to replace business inventory or equipment, can still get an SBA loan and replace that more expensive debt with a low-interest SBA Disaster Loan, the news release said.
After the first year with no interest or payments, the fixed interest rate for most homeowners and renters is as low as 2.813%, for most businesses as low as 4%, and 3.25% for non-profits. Loan terms can be up to 30 years, offering low payments.
“It’s a lot better than putting all the charges on a credit card and paying 18% interest,” Neahous said.
Based on the amount of estimated damage by the SBA inspector and the ability to repay, homeowners can borrow up to $500,000 for home damage; homeowners and renters can borrow up to $100,000 to repair or replace damaged personal property (the contents of the home); and businesses and non-profits can borrow up to a total of $2 million for a combination of physical damage, mitigation, and also working capital, the release continued.
The Portable Loan Outreach Center (PLOC) that opened Friday is temporary. How long it stays will depend upon demand, according to Brian Beard, Public Affairs Specialist for the Small Business Administration, Office of Disaster Recovery & Resilience.
This office joins other assistance locations. The SBA Business Recovery Center (BRC) at the CSRA Regional Commission; 3626 Walton Way Ext., Ste 1; and also the FEMA/SBA Disaster Recovery Center (DRC) at the HUB for Community Innovation; 631 Chafee Ave, will be open for a while, and likely at least until the Nov. 29 deadline.
There are 3 WAYS TO APPLY:
1. Apply online at: https://lending.sba.gov
2. Contact SBA’s Customer Service Center to learn more: 800-659-2955 or disastercustomerservice@sba.gov
3. Visit a Recovery Center in person to apply, check status, and ask questions.
