Hurricane Milton has left a trail of devastation, affecting homeowners, renters, businesses, and nonprofits. In response, the U.S. Small Business Administration (SBA) is offering disaster loans to assist those impacted. Here’s what you need to know about the available loans, who is eligible, and how to apply.
Types of Available SBA Disaster Loans
Home Disaster Loans
In the event that your dwelling or private property has suffered damages due to Hurricane Milton, you may qualify for an SBA Home Disaster Loan. This is open to both homeowners and renters for the purpose of repairing or replacing concrete buildings, personal items, and even vehicles damaged by disasters.With regards to damages that have either affected the structure of your house or objects that you have lost in the process, this loan offers financial relief to cater for the repair or replacement costs.
Business Physical Disaster Loans
The loans intended for reconstruction after a business disaster are equally extended to all businesses, irrespective of their sizes, and even to private non-profit organizations. The purpose of the loans is to repair or restore any asset of the undertaking that has been damaged in the course of the disaster which includes real estate, inventories, machinery or any other equipments and other materials. Therefore, whether it is an office building or a retail store that has suffered damage or whether important business assets were simply misplaced, this loan will help to cover the costs that are incurred during recovery.
Voluntary organizations such as a charity and a church, or even a private educational institution can also access this kind of financing for the purposes of repairing owned assets that have been damaged. The ability of the SBA to provide economic assistance to the non-profits is important because it helps to ensure that the non-profits will be able to carry out their community work even during the time of rehabilitation.
Economic Injury Disaster Loans (EIDL)
Economic Injury Disaster Relief (EIDRL) loans are intended exclusively for promoting the growth of small businesses, small agri-business co-operatives, aquaculture, and private non-profit entities as well. In this regards, this is a working capital loan which any organization may very much need should it find particularly hard-pressed to settle the fundamental costs following the occurrence of any natural calamity. EIDL has a specific aim which is to assist the firms that are economically suffering due to the hurricane that has struck them and hence enable them to continue in business operations even during the reconstruction period.
These loans are especially useful for organizations that have not suffered any physical destruction yet are nonetheless in business difficulties. The EIC provides up to $2 million in funding based on the applicant’s explanation of the necessity for this amount.
How to Apply for SBA Disaster Loans
Going through the process of applying for an SBA disaster loan is a walk in the park, to say the least. In fact, it is highly recommended for all applicants out there that they submit their applications through the SBA’s Disaster Loan Assistance portal as this is by far the best option. You could also call the SBA’s customer number, 800-659-2955, if you are having trouble completing the application or if you want to know more about the requirements for the loan. Another option would be making a call and getting help face to face at the closest Disaster Recovery Centre (DRC).
To check the nearest Recovery Centre that is open, please visit the FEMA official site or SBA’s Disaster Loan Assistance page. These centers provide assistance faceto-face with the loan application process as well as other disaster recovery services.
Additional Federal Assistance
Moreover, aside from SBA disaster loans, additional federal programs are also assisting in facilitating the recovery process after Hurricane Milton. For instance, FEMA, also the Federal Emergency Management Agency, and the Department of Security of Homeland are also part of these efforts, and you can follow their work on this FEMA page dedicated to hurricane milton here fema.gov/hurricane-milton. Visit fema.gov/es/milton for information in Spanish.
For additional information on the types of aid and assistance that can be obtained at the federal level, please visit the hurricane relief section of the government’s website at usa.gov/hurricane-milton.
Final thoughts
If you’ve been affected by Hurricane Milton, SBA disaster loans can provide crucial financial assistance for your recovery. Whether you need to repair your home, business, or nonprofit organization, these loans offer a lifeline. Make sure to explore all the available options, apply promptly, and seek help if needed.
