SBA offers low-interest disaster loans following Hurricane Irma

Homeowners eligible for 30-year fixed loans at 1.75 percent

ORLANDO, Fla. – The Small Business Association is ready to roll out millions of dollars to Central Florida families trying to pick up from the damage left behind by Hurricane Irma.

SBA spokesperson Karen Knapik told News 6 that the fixed rate loans go beyond the quick fix money from FEMA.

“SBA is hoping while FEMA is helping you with that, you’re working with us on long-term interest loans that we can rebuild, repair and restore. your place where you were before the disaster,” she said.

The SBA is offering 30-year fixed loans starting at 1.75 percent for both renters and homeowners.

Small business owners have access to help of up to $2 million, at a fixed rate of just over 3 percent over 30 years.

Knapik stressed that need alone does not qualify you for the cash loan.
“It’s a loan so there has to be the ability to repay, so you are going to go through it (the application) just like you are going through a car loan or house purchase,” Knapik told News 6.
Knapik said the online application takes about “15 to 20 minutes.”

If approved you should see the money in about four weeks.

She said some residents are confused when they see U.S. Small Business Association and they need to know they are eligible for these loans whether they own a business or not.

“Pay attention to that, she told News 6. “If you get a phone call, get an email from the United States Small Business Administration, it’s because the government wants to help you.”

The deadline for the long-term loans is Oct. 31.

Many residents have been asking if they can use FEMA money to cover the 2 percent hurricane deductible.

Both FEMA and insurance experts told News 6 if you demonstrate a need, you may be eligible.

You can apply online at SBA.GOV/IRMA.

About the Author: