SBA Opens Business Recovery Center in Richmond County; Adds More Counties to Georgia Declaration
Press Release: FOR IMMEDIATE RELEASE
U.S. SMALL BUSINESS ADMINISTRATION
FACT SHEET - DISASTER LOANS
GEORGIA Declaration 20711 & 20712
(Disaster: GA-20013)
Incident: HURRICANE HELENE
occurring: September 24, 2024 & continuing
in the Georgia counties of: Appling, Atkinson, Bacon, Ben Hill, Berrien, Brooks, Bryan, Bulloch, Burke, Butts, Camden, Candler, Charlton, Chatham, Clinch, Coffee, Colquitt, Columbia, Cook, Echols, Effingham, Elbert, Emanuel, Evans, Glascock, Glynn, Irwin, Jeff Davis, Jefferson, Jenkins, Johnson, Lanier, Laurens, Liberty, Lincoln, Long, Lowndes, McDuffie, Montgomery, Newton, Pierce, Rabun, Richmond, Screven, Tattnall, Telfair, Tift, Toombs, Treutlen, Ware, Washington, Wayne, and Wheeler; for economic injury only in the contiguous Georgia counties of: Baldwin, Bleckley, Brantley, Dodge, Habersham, Hancock, Hart, Henry, Jasper, Lamar, Madison, McIntosh, Mitchell, Monroe, Morgan, Oglethorpe, Rockdale, Spalding, Thomas, Towns, Turner, Twiggs, Walton, Warren, Wilcox, Wilkes, Wilkinson, and Worth; for economic injury only in the contiguous Florida counties of: Baker, Columbia, Hamilton, Jefferson, Madison, and Nassau; for economic injury only in the contiguous North Carolina counties of: Clay, Jackson, and Macon; and for economic injury only in the contiguous South Carolina counties of: Abbeville, Aiken, Allendale, Anderson, Barnwell, Edgefield, Hampton, Jasper, McCormick, and Oconee.
Application Filing Deadlines:
Physical Damage: November 29, 2024
Economic Injury: June 30, 2025
If you are located in a declared disaster area, you may be eligible for financial assistance from the U. S. Small Business Administration (SBA).
What Types of Disaster Loans are Available?
- Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, 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.
- Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
- Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
What are the Credit Requirements?
- Credit History – Applicants must have a credit history acceptable to SBA.
- Repayment – Applicants must show the ability to repay all loans.
What are the Interest Rates?By law, the interest rates depend on whether each applicant has Credit Available Elsewhere. An applicant does not have Credit Available Elsewhere when SBA determines the applicant does not have sufficient funds or other resources, or the ability to borrow from non-government sources, to provide for its own disaster recovery. An applicant, which SBA determines to have the ability to provide for his or her own recovery is deemed to have Credit Available Elsewhere. Interest rates are fixed for the term of the loan. The interest rates applicable for this disaster are:
Physical Damage Loan Types | No Credit Available Elsewhere |
Credit Available Elsewhere |
---|---|---|
Home Loans | 2.813% | 5.625% |
Business Loans | 4.000% | 8.000% |
Non-Profit Organizations | 3.250% | 3.250% |
Economic Injury Loan Types | No Credit Available Elsewhere |
Credit Available Elsewhere |
---|---|---|
Businesses & Small Agricultural Cooperatives | 4.000% | N/A |
Non-Profit Organizations | 3.250% | N/A |
What are Loan Terms?
- Business Loans – The law limits business loans to $2,000,000 for the repair or replacement of real estate, inventories, machinery, equipment and all other physical losses. Subject to this maximum, loan amounts cannot exceed the verified uninsured disaster loss.
- Economic Injury Disaster Loans (EIDL) – The law limits EIDLs to $2,000,000 for alleviating economic injury caused by the disaster. The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit. EIDL assistance is available only to entities and their owners who cannot provide for their own recovery from non-government sources, as determined by the U.S. Small Business Administration.
- Business Loan Ceiling – The $2,000,000 statutory limit for business loans applies to the combination of physical, economic injury, mitigation and refinancing, and applies to all disaster loans to a business and its affiliates for each disaster. If a business is a major source of employment, SBA has the authority to waive the $2,000,000 statutory limit.
- Home Loans – SBA regulations limit home loans to $500,000 for the repair or replacement of real estate and $100,000 to repair or replace personal property. Subject to these maximums, loan amounts cannot exceed the verified uninsured disaster loss.
- Uninsured Losses – Only uninsured or otherwise uncompensated disaster losses are eligible. Any insurance proceeds which are required to be applied against outstanding mortgages are not available to fund disaster repairs and do not reduce loan eligibility. However, any insurance proceeds voluntarily applied to any outstanding mortgages do reduce loan eligibility.
- Ineligible Property – Secondary homes, personal pleasure boats, airplanes, recreational vehicles and similar property are not eligible, unless used for business purposes. Property such as antiques and collections are eligible only to the extent of their functional value. Amounts for landscaping, swimming pools, etc., are limited.
- Noncompliance – Applicants who have not complied with the terms of previous SBA loans may not be eligible. This includes borrowers who did not maintain flood and/or hazard insurance on previous SBA loans.
- SBA can refinance all or part of prior mortgages that are evidenced by a recorded lien, when the applicant (1) does not have credit available elsewhere, (2) has suffered substantial uncompensated disaster damage (40 percent or more of the value of the property or 50% or more of the value of the structure), and (3) intends to repair the damage.
- Businesses – Business owners may be eligible for the refinancing of existing mortgages or liens on real estate, machinery and equipment, up to the amount of the loan for the repair or replacement of real estate, machinery, and equipment.
- Homes – Homeowners may be eligible for the refinancing of existing liens or mortgages on homes, up to the amount of the loan for real estate repair or replacement.
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Centro de Operaciones del Este por Desastres
Fecha: 9 de octubre de 2024
Contacto: Mark Ihenacho (404) 331-0333 - Mark.Ihenacho@sba.gov
Comunicado Nro.: 25-015, FL 20711/20712
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La SBA abre un Centro de Recuperación de Negocios en el condado de Richmond; Agrega más condados a la Declaración de Georgia
ATLANTA
– La Agencia Federal de Pequeños Negocios (SBA, por sus siglas en inglés)
anunció la apertura de un segundo Centro de Recuperación de Negocios en la Comisión Regional de CSRA en Augusta. La SBA está abriendo el Centro para ayudar a las empresas y residentes que fueron afectados por los huracanes Helene, dando a más empresas y residentes la elegibilidad para solicitar el programa de préstamos por desastre a bajo interés de la SBA. La SBA también agregó condados adicionales a la declaración, haciendo que sus préstamos por desastre a bajo interés estén disponibles para más georgianos.
Los representantes de servicio al cliente de la SBA están en todos los Centros de Recuperación por Desastre de FEMA, así como en sus dos Centros en Georgia, donde los sobrevivientes pueden obtener ayuda con su solicitud de préstamo por desastre de la SBA. Los representantes de servicio al cliente de la SBA pueden responder preguntas, ayudar a los sobrevivientes a completar su solicitud de préstamo por desastre, aceptar documentos y proporcionar actualizaciones sobre el estado de una solicitud. Se aceptan visitas sin cita previa, pero puede programar una cita con anticipación. El horario de atención de los Centros de la SBA es el siguiente:
Centro de Recuperación de Negocios (BRC)
Condado de Lowndes
Centro Turner para las Artes, Anexo de Arte
Valdosta, GA 31601
Horario: de lunes a viernes, de 9 a.m. a 6 p.m.
Sábado, de 9 a.m. a 4 p.m.
Cerrado: Domingo
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Centro de Recuperación de Negocios (BRC)
Condado de Richmond
Comisión Regional de CSRA
Augusta, GA 30909
Horario: de lunes a viernes, de 9 a.m. a 6 p.m.
Sábado, de 9 a.m. a 4 p.m.
Cerrado: Domingo
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