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WASHINGTON — The U.S. Small Business Administration (SBA) is encouraging business owners, homeowners and renters who suffered economic losses due to Hurricane Helene to apply for working capital disaster loans before the deadline on Wednesday (Nov. 27).
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While the SBA’s Disaster Loan Program funding has been depleted, officials are urging individuals and businesses apply. No new loans can be issued until Congress approves additional funding, but the SBA is continuing to accept and process applications.
The deadline for physical damage loans is Nov. 27, but business owners have until June 30, 2025, to file for economic injury disaster loans.
The loans are used to offset the gap between what insurance and FEMA pays and what homeowners and business owners can afford. The SBA said disaster survivors should not wait to settle with their insurance companies before applying for a disaster loan. Businesses and private nonprofits of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
Disaster loans up to $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations and 2.813% for homeowners and renters, with terms 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.
The deadline to apply for loans related to damages caused by Hurricane Milton is Dec. 10.
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