The U.S. Small Business Administration (SBA) is stepping in to assist victims of the July 2023 floods by offering loans with low interest rates. The loans are aimed at helping individuals and businesses in the affected areas to recover and rebuild their properties. Qualifying residents and business owners in designated localities, including over ten counties in New York, are eligible to apply for the loans.
The SBA’s Disaster Assistance Program provides loans of up to $2 million for businesses and $200,000 for homeowners to repair or replace damaged or destroyed real estate, machinery, inventory, and other assets. These loans have a long repayment period of up to 30 years with low interest rates, making them an attractive option for those in need of financial support after the disaster.
Applicants can use the funds to cover not only physical damages but also economic injury caused by the floods. The loans can be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be met due to the disaster’s impact. Additionally, businesses of any size and most private nonprofit organizations that have suffered flood-related losses are eligible to apply for assistance.
Individuals and businesses looking to apply for SBA loans should act promptly to take advantage of this financial lifeline. By supporting the recovery efforts of those affected by the floods, the SBA aims to help rebuild communities and revitalize local economies. The process for applying for these loans is straightforward, with dedicated support available to guide applicants through the application process.
Read the full story by: fltimes.com