SBA Approves $50 Million in Disaster Loans For Post-Hurricane Recovery; Dec. 16 Deadline Looms

The federal Small Business Administration approved over $50 million in Disaster Assistance Loans for businesses and residents in Flagler County and Florida affected by Hurricane Matthew, which struck the region in early October. But the deadline to file an SBA disaster loan application for physical damage is Dec. 16.

And on Friday, Flagler County’s Disaster Recovery Center at the Flagler County Paublic Library on Palm Coast Parkway will close, as will recovery centers in St. Johns and Volusia counties.

“Currently 1,510 disaster loans have been approved in the amount of $51,535,300 for affected survivors,” said Frank Skaggs, director of SBA’s Field operations Center East in Atlanta.“While we are pleased to get these loans approved so residents can start to rebuild and resume their normal lives, we need to remind anyone who has not submitted their disaster loan application that there is very little time to apply before the deadline.”

SBA disaster loans are available to businesses of all sizes, most private non-profit organizations, and homeowners and renters to cover uninsured losses from the disaster. Interest rates are as low as 4 percent for businesses, 2.625 percent for private nonprofit organizations, and 1.563 percent for homeowners and renters. Loan terms can be up to 30 years. Loan terms can be up to 30 years.

“SBA disaster loans offer an affordable way for those affected by the disaster to pay for disaster related losses,” Skaggs said. To be considered for all forms of disaster assistance, applicants should register with FEMA online here or by mobile device at m.fema.gov. If online or mobile access is unavailable, applicants should call the FEMA toll-free Helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362 (800-462-7585 TTY).

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website here.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [email protected]. Loan applications can be downloaded here.

Completed applications can be returned to a recovery center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925
Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is Dec. 16. The deadline to return economic injury applications is July 17, 2017.