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SBA Administrator Urges Congress to Replenish Disaster Loan Program for Small Businesses and Homeowners

SBA Urges Congress to Replenish Disaster Loan Program Before Funds Run Out

In the wake of President Biden’s letter to Congress outlining the urgent need for disaster relief following Hurricane Helene, U.S. Small Business Administration (SBA) Administrator Isabel Casillas Guzman is calling on Congress to replenish the SBA’s vital disaster loan program before funds are depleted, which is expected to happen before the end of October.

Administrator Guzman emphasized the importance of ensuring that the SBA has the resources necessary to continue providing affordable disaster loans to small businesses, homeowners, renters, and non-profits affected by Hurricane Helene and other disasters. She stressed that Americans should not have to wait for critical assistance when they need it the most.

The SBA plays a crucial role in providing financial relief to those impacted by disasters, offering long-term, low-interest loans to small business owners, nonprofits, homeowners, and renters. Homeowners can access loans of up to $500,000 to repair or replace disaster-damaged real estate, while renters and homeowners are eligible for up to $100,000 to repair or replace personal property. Businesses can access loans of up to $2 million.

Interest rates on these loans are as low as 4% for businesses, 3.25% for nonprofits, and 2.813% for homeowners and renters, with terms of up to 30 years. Interest does not begin to accrue, and monthly payments are not due until 12 months from the date of the initial disbursement.

Applicants can apply for disaster assistance online at sba.gov/disaster or contact the SBA’s Customer Service Center for more information. The SBA is committed to helping disaster survivors access the financial relief they need to recover and rebuild in the aftermath of Hurricane Helene and other disasters.

For more information on SBA disaster assistance, visit sba.gov or call the Customer Service Center at (800) 659-2955. For individuals who are deaf, hard of hearing, or have a speech disability, telecommunications relay services are available by dialing 7-1-1.

The SBA is dedicated to empowering entrepreneurs and small business owners with the resources and support they need to start, grow, expand, or recover from a declared disaster. Through its extensive network of field offices and partnerships with public and private organizations, the SBA helps power the American dream of business ownership.

As Congress considers the urgent need for disaster relief funding, the SBA stands ready to continue providing critical assistance to those in need.