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Small business disaster loan program said to be in danger of running out of funds by end of month

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Small Business,Hurricanes And Typhoons,U.S. Small Business Administration

The Small Business Administration could run out of money to fund disaster loans in the wake of Hurricane Helene’s devastation. As is typical after a disaster, the government is offering aid to small businesses that were in Helene’s path.

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As is typical after a disaster, the government is offering aid to small businesses that were in Helene’s path. The SBA is offering disaster loans for small businesses in some counties in Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia.In a statement, the SBA said that it will continue sharing information about its disaster loan programs and assisting borrowers with initial processing and servicing loans.

As it stands, business owners can apply for two different types of disaster loans. Business physical disaster loans are for repairing or replacing disaster-damaged property, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible. Businesses have until the end of November to apply for these loans.

Businesses can access loans up to $2 million. Interest rates are as low as 4% for businesses and 3.25% for nonprofit organizations.

 

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