According to the U.S. Small Business Administration (SBA) press release on October 6, 2023 low-interest disaster loans are available to Georgia businesses and residents affected by Hurricane Idalia that occurred on Aug. 30, 2023. Small businesses and most private nonprofit organizations in the following adjacent counties: Atkinson, Brantley, Camden, Coffee, Colquitt, Echols, Irwin, Lanier, McIntosh, Thomas, Tift, and Wayne in Georgia; and Hamilton, Jefferson and Madison counties in Florida.
To assist small businesses and private nonprofit organizations with completing their applications and uploading documents, the SBA has established Business Recovery Centers (BRCs), however, SBA’s Business Recovery Center in Glynn County closed on Oct. 6, at 6 p.m. and the Center in Lowndes County will no longer be open on Sundays, beginning Oct. 15.
Please note the updated hours of operation and upcoming closures as indicated below:
Business Recovery Center – Lowndes County is located at Lowndes County Civic Center
2108 E. Hill Ave., Valdosta, GA 31601. Hours are Monday through Saturday, 9 a.m. to 6 p.m. They are closed on Sundays.
Businesses and private nonprofit organizations 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. For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 4% for businesses, and 2.375% for nonprofit organizations, and 2.5% for homeowners and renters, with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition. Interest does not begin to accrue, and payment are not due until 12 months from the date of the initial disaster loan disbursement.
Building back smarter and stronger can be an effective recovery tool for future disasters. Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, elevation, retaining walls, and landscaping to help protect property and occupants from future disasters.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/ and should apply under SBA declaration # 18143.
To be considered for all forms of disaster assistance, applicants should register online at https://www.disasterassistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or sending an email to DisasterCustomerService@sba.gov. Loan applications can also be downloaded from sba.gov/disaster. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Nov. 6, 2023. The deadline to return economic injury applications is June 7, 2024.