Businesses, Nonprofits Can Seek Low-interest Disaster Loans to Aid Recovery

SAVANNAH, Ga., Nov. 28 -- The U.S. Department of Homeland Security's Federal Emergency Management Agency issued the following news release:

Businesses and nonprofit organizations that sustained damage or losses from Hurricane Matthew in Georgia can apply for low-interest disaster loans from the U.S. Small Business Administration to help their recovery.

SBA disaster loans are the major source of federal disaster recovery aid. The interest rates are low, and loan terms can be as long as 30 years.

SBA offers two types of disaster loans to businesses and most nonprofits: physical disaster loans and economic injury disaster loans. Physical disaster loans are used to repair or replace damaged buildings and business assets. Economic injury disaster loans help small businesses and most private nonprofits to meet financial obligations they cannot meet because of the disaster.

The maximum amount available to borrow:

* As a business of any size: $2 million for physical damage.

* As a homeowner: $200,000 to repair/replace primary residence.

* As a homeowner or renter: $40,000 to repair/replace personal property.

SBA low-interest disaster loans for businesses have several advantages:

* SBA requires no collateral for both physical loans and economic injury loans below $25,000.

* No wait for insurance settlements to obtain loans.

* No application fee or points for SBA disaster loans.

SBA gives applicants six months to decide whether to accept a loan. The filing deadline to return SBA loan applications for physical property damage is Dec. 16. The deadline to return economic injury applications is July 17, 2017.

SBA disaster loans are available to eligible businesses and nonprofits as well as individuals in Bryan, Bulloch, Chatham, Effingham, Evans, Glynn, Liberty, Long, McIntosh and Wayne counties in Georgia. Those counties are eligible for both physical and economic injury disaster loans.

Small businesses and most private nonprofit organizations in the following adjacent counties are also eligible to apply only for SBA economic injury disaster loans: Appling, Brantley, Camden, Candler, Emanuel, Jenkins, Pierce, Screven and Tattnall in Georgia; and Hampton and Jasper in South Carolina.

Damage or losses from Hurricane Matthew in Georgia must have occurred Oct. 4-15.

SBA representatives are available at the following business recovery centers to provide information about disaster loans, the application process or help completing an SBA application.

* UGA Marine Extension Office, 715 Bay St., Brunswick.

* Savannah Entrepreneurial Center, 801 E. Gwinnett St., Savannah.

* YMCA Recreation Center, 204B Fifth St., Tybee Island.

Applicants may apply online using the electronic loan application via SBA's secure website at DisasterLoan.sba.gov/ela. Disaster loan information and application forms are available online at SBA.gov/disaster, from SBA's Customer Service Center at 800-659-2955 or by emailing [email protected]. Individuals who are deaf or hard of hearing may call 800-877-8339.

For updates on Georgia's Hurricane Matthew response and recovery, follow @GeorgiaEMA and @FEMARegion4 on Twitter and visit gemhsa.ga.gov and fema.gov/disaster/4284.

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