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SBA Disaster Loan Program Funding for Helene & Other Natural Disasters
North Carolina -- December 26, 2024:Ā Small Business Administration Press Release Date: December 21, 2024: Today, President Joe Biden
signed the American Relief Act, 2025 into law,
providing funding for the U.S. Small Business Administrationās Disaster Loan Program. WithĀ this funding, which required Congressional approval, the SBA can resume processing urgentlyĀ needed financial relief today for those impacted by Hurricanes Milton, Helene, and other
natural disasters across the nation.
āThe SBAās disaster loan program plays a vital role in helping communities recover by filling market gaps and providing the resources survivors need to rebuild stronger,ā said SBAĀ Administrator Isabel Casillas Guzman. āThanks to the American Relief Act signed into law by President Biden, the SBA is ready to provide critical support to the thousands of families and businesses that have been waiting for relief to rebuild, reopen, and move forward.ā
SBAās Disaster Loan Program offers direct, low-interest, long-term loans to assist survivors ofĀ federally declared disasters with recovering and rebuilding. Within the next 48 hours, overĀ 21,000 individuals and businesses affected by Hurricanes Milton, Helene, and more than 200Ā other declared disasters waiting in a backlog caused by the lack of funding can expect toĀ receive the details of their loan offer. The SBA will continue to process disaster loanĀ applications and send out additional offers in the coming days.
As of Oct. 15, 2024, the program had exhausted its funding, preventing the SBA from issuingĀ new loan offers. Despite the funding lapse, the SBA continued to accept and process disasterĀ loan applications, queuing approved applications for funding once additional resourcesĀ became available.
Applications continue to remain open for recently declared disasters and the SBA encourages those impacted to learn more about what is available in their community and apply today for disaster loans atĀ lending.sba.gov/Ā
natural disasters across the nation.
āThe SBAās disaster loan program plays a vital role in helping communities recover by filling market gaps and providing the resources survivors need to rebuild stronger,ā said SBAĀ Administrator Isabel Casillas Guzman. āThanks to the American Relief Act signed into law by President Biden, the SBA is ready to provide critical support to the thousands of families and businesses that have been waiting for relief to rebuild, reopen, and move forward.ā
SBAās Disaster Loan Program offers direct, low-interest, long-term loans to assist survivors ofĀ federally declared disasters with recovering and rebuilding. Within the next 48 hours, overĀ 21,000 individuals and businesses affected by Hurricanes Milton, Helene, and more than 200Ā other declared disasters waiting in a backlog caused by the lack of funding can expect toĀ receive the details of their loan offer. The SBA will continue to process disaster loanĀ applications and send out additional offers in the coming days.
As of Oct. 15, 2024, the program had exhausted its funding, preventing the SBA from issuingĀ new loan offers. Despite the funding lapse, the SBA continued to accept and process disasterĀ loan applications, queuing approved applications for funding once additional resourcesĀ became available.
Applications continue to remain open for recently declared disasters and the SBA encourages those impacted to learn more about what is available in their community and apply today for disaster loans atĀ lending.sba.gov/Ā
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This rapid response underscores SBAās commitment to supporting communities affected byĀ natural disasters and the agency will continue working to ensure financial resources reachĀ those in need.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business
ownership. As the only go-to resource and voice for small businesses backed by the strength
of the federal government, the SBA empowers entrepreneurs and small business owners with
the resources and support they need to start, grow, or expand their businesses, or recover
from a declared disaster. It delivers services through an extensive network of SBA field offices
and partnerships with public and private organizations. To learn more, visit sba.gov
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business
ownership. As the only go-to resource and voice for small businesses backed by the strength
of the federal government, the SBA empowers entrepreneurs and small business owners with
the resources and support they need to start, grow, or expand their businesses, or recover
from a declared disaster. It delivers services through an extensive network of SBA field offices
and partnerships with public and private organizations. To learn more, visit sba.gov
