Following President Biden's letter to Congress concerning disaster relief needs for communities affected by Hurricane Helene, U.S. Small Business Administration (SBA) Administrator Isabel Casillas Guzman has called on Congress to replenish the SBA’s disaster loan program. The funds are crucial for small businesses, homeowners, renters, and non-profits impacted by disasters and are expected to run out before the end of October.

“The SBA is on the ground in communities around the country, scaling up to ensure we can help disaster survivors access the financial relief they need following the devastation of Hurricane Helene and other disasters,” said Administrator Guzman. “We look forward to working with Congress to secure the federal resources necessary to ensure the SBA can continue funding affordable disaster loans for homeowners, renters, small businesses, and nonprofits. Americans should not have to wait for critical assistance when they need it the most."

Currently, while information sharing and initial processing will continue in affected areas, any lapse in funding will delay new offers until funds are restored.

The SBA provides immediate financial aid through long-term, low-interest loans when disasters occur. Homeowners can receive up to $500,000 for repairs or replacements of damaged real estate; both homeowners and renters may obtain up to $100,000 for personal property damage. Businesses have access to loans of up to $2 million.

Interest rates start at 4% for businesses, 3.25% for nonprofit organizations, and 2.813% for homeowners and renters. Terms extend up to 30 years with interest accrual beginning 12 months after initial disbursement.

Applicants can apply online at sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1.