SBA Opens a Disaster Loan Outreach Center in Jay

August 25, 2024


A disaster loan outreach center is now open in Jay.

The U.S. Small Business Administration opened the center to help businesses and residents affected by the severe storms and tornadoes back in May.

The disaster declaration covers Santa Rosa County, but does not include Escambia County in Florida or Alabama.

“Our Disaster Loan Outreach Centers are one of the most powerful resources at SBA’s disposal to support business owners,” said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “Residents and business owners can meet in-person with our specialists to apply for SBA disaster loans and get information on the full breadth of our programs designed to help them navigate their recovery.”

Walk-ins are accepted, but appointment can be scheduled in advance.

The center is in the Jay Town Hall on Hwy. 4. It’s open Monday through Friday from 10 a.m. until 6 p.m. and on Saturdays from 10 a.m. to2 p.m. The Center will be closed for Labor Day on Monday, September. 2, and cease operations on Friday, September 6, at 4 p.m.

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.

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. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $100,000 to repair or replace damaged or destroyed personal property.

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.

Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

For more information and to apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, dial 7-1-1 to access telecommunications relay services.

The filing deadline to return applications for physical property damage is October 7, 2024. The deadline to return economic injury applications is May 6, 2025.

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Written by William Reynolds · Filed Under News