Small Business Administration Disaster Loans Available to Volusia County Businesses and Residents

Home News Small Business Administration Disaster Loans Available to Volusia County Businesses and Residents

Posted On: November 1, 2024

Volusia County businesses, private nonprofit organizations, homeowners, and renters impacted by Hurricane Milton can now apply for U.S. Small Business Administration (SBA) loans for their uncompensated losses. These loans are designed to assist with repairs or replacements of disaster-damaged real estate, machinery, equipment, inventory, and other business assets. Businesses and nonprofits of all sizes may qualify for loans up to $2 million.

Additionally, the SBA offers Economic Injury Disaster Loans to support small businesses, agricultural cooperatives, aquaculture businesses, and most private nonprofit organizations. These loans help cover working capital needs resulting from the disaster and are available even if the business did not suffer physical property damage.

Homeowners can secure disaster loans up to $500,000 for real estate repairs or replacements, while homeowners and renters may obtain up to $100,000 to address personal property losses, including vehicles that were damaged by the disaster. Disaster loans can also be used to cover insurance deductibles.

The loans feature interest rates as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.813% for homeowners and renters. Terms can extend up to 30 years. Importantly, interest accrual and repayments start 12 months from the first disbursement. The SBA determines loan amounts and terms based on each applicant's financial condition.

The SBA advises applicants to also pursue FEMA grants to ensure comprehensive recovery. While FEMA grants aim to cover essential expenses and urgent needs not met by other sources, SBA disaster loans focus on long-term recovery to restore pre-disaster conditions.

Applicants must submit their applications for physical property damage by Dec. 10 and economic injury by July 11, 2025. For more details or to apply, visit www.sba.gov/disaster, call the SBA's Customer Service Center at 800-659-2955, or email [email protected].