The U.S. Small Business Administration (SBA) is reaching out to disaster loan recipients in Florida, urging them to apply for additional funding. This funding is intended to help protect homes and businesses from potential future storms.
Recipients of disaster loans have a timeline of up to two years from their loan approval date to request an increase. This increase can be up to 20% of their verified physical damages. The additional funds can be used to cover improvements such as regrading landscaping for better drainage, installing a French drain or sump pump, and strengthening structures to withstand high winds.
Chris Stallings, the associate administrator of the Office of Disaster Recovery and Resilience at the SBA, commented on the program's benefits. "One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage," Stallings said. He encouraged recipients to collaborate with contractors and mitigation professionals to enhance their storm readiness while utilizing SBA’s physical damage loans.
Further information on mitigation options can be found at sba.gov/mitigation. To apply for the funds online, individuals can visit sba.gov/disaster. Assistance is also available through the SBA’s Customer Service Center, reachable at (800) 659-2955 or by emailing disastercustomerservice@sba.gov. For those who are deaf or hard of hearing, or have a speech disability, telecommunications relay services can be accessed by dialing 7-1-1.
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