The U. S. Small Business Administration has approved 1,316 disaster loans totaling $31,542,900 for Georgia businesses and residents with losses resulting from Hurricane Michael. SBA is encouraging businesses of all sizes, non-profit organizations, homeowners and renters to take advantage of the opportunity to apply for disaster assistance before the Dec. 13, 2018 deadline.

There are three convenient ways to apply: (1) Visit a local Disaster Recovery Center or Business Recovery Center. SBA representatives at the Centers can provide information about disaster loans, answer questions and help businesses in completing the SBA application, (2) Apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoan.sba.gov or (3) Request a paper loan application by calling the SBA Customer Service Center at 800-659-2955.

SBA’s disaster loans for physical losses provide funds to repair and replace structures, machinery, equipment, inventory, household goods, vehicles and cover debris removal and landscaping costs and even insurance deductibles. These loans have interest rates as low as 3.675 percent for businesses, 2.5 percent for private nonprofit organizations, and 2 percent for homeowners and renters. Loan terms can be up to 30 years.

Economic injury disaster loans are also available to provide disaster related working capital to small businesses and most private nonprofit organizations. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

The disaster declaration covers Baker, Calhoun, Clay, Crisp, Decatur, Dougherty, Early, Grady, Laurens, Lee, Miller, Mitchell, Randolph, Seminole, Sumter, Terrell, Thomas, Tift, Turner and Worth counties in Georgia which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.

Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Ben Hill, Berrien, Bleckley, Brooks, Colquitt, Cook, Dodge, Dooly, Emanuel, Irwin, Johnson, Macon, Marion, Quitman, Schley, Stewart, Treutlen, Twiggs, Webster, Wheeler, Wilcox and Wilkinson in Georgia; Barbour, Henry and Houston in Alabama; and Gadsden, Jackson, Jefferson and Leon in Florida.