SBA Offers Disaster Assistance to Businesses and Residents of Troup County
Friday, July 28th, 2023
Georgia businesses and residents affected by the severe storms, straight-line winds, tornadoes and flooding in Troup County, Georgia on March 25-27 are eligible to apply for low-interest disaster loans from the U.S. Small Business Administration, SBA Administrator Isabella Casillas Guzman announced today.
Administrator Guzman made the loans available in response to a letter from Georgia Governor Brian P. Kemp dated June 26, requesting a disaster declaration by the SBA. Businesses and residents in the declared area can now apply for low-interest disaster loans from the SBA. The declaration covers Troup County and the adjacent counties of Coweta, Harris, Heard, Meriwether in Georgia; and Chambers and Randolph in Alabama.
“The SBA is strongly committed to providing the people of Georgia with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said Guzman. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s Georgia District Director Terri L. Denison.
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.
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Kem Fleming, director of SBA’s Field Operations Center East in Atlanta.
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, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 4 percent for businesses, 2.375 percent for nonprofit organizations, and 2.375 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
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 # 17971.
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 [email protected]. 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.
