Several South Ga. counties eligible for disaster loans for Idalia damage, center to open in Valdosta to help businesses, residents recover

WASHINGTON, D.C. (WALB) - Several South Georgia counties are eligible for low-interest disaster loans from the U.S. Small Business Administration (SBA) that apply to businesses and residents in the counties impacted by Hurricane Idalia.

The loans were made available after three Georgia counties received a Presidential disaster declaration that would allow them to receive federal relief.

Read more:

• Georgia counties to receive funds from federal disaster declaration after Hurricane Idalia
• More relief organizations provide Idalia disaster assistance in South Georgia
• Dougherty Co. EMS helps with Hurricane Idalia recovery in Valdosta

The disaster declaration covered Cook, Glynn and Lowndes Counties, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.

Berrien, Brooks, Colquitt, Echols, Lanier and Tift Counties are among the 10 Georgia counties that are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs). Click here to learn more about EIDLs.

“SBA’s mission-driven team stands ready to help Georgia small businesses and residents impacted by this disaster in every way possible under President Biden’s disaster declaration for certain affected areas. We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild,” SBA Administrator Isabella Casillas Guzman said.

SBA advises that you should not wait to settle with your insurance company before applying for a disaster loan. If you don’t know how much of your loss will be covered by insurance, SBA can provide a low-interest disaster loan for the total loss up to the loan limit. However, you must agree to use insurance proceeds to reduce or repay the loan.

Here are the loan limits for people needing to repair disaster-damaged assets and property:

• Up to $500,000 for homeowners needing to repair or replace disaster-damaged or destroyed real estate.
• Up to $100,000 for homeowners and renters needing to repair disaster-damaged or destroyed personal property.
• Up to $2 million for businesses and private nonprofit organizations of any size needing to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

SBA offers EIDLs for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations.

A Business Recover Center (BRC) will open at noon on Tuesday at the Valdosta-Lowndes Chamber of Commerce. On opening day, the center will be open from noon-6 p.m. Regular hours will be from Monday through Saturday from 9 a.m.-6 p.m. and closed on Sundays.

SBA Customer Service Representatives at the center will help business owners and residents fill out a disaster loan application, accept documents for existing applications and provide updates on an applicant’s status.

For SBA mitigation purposes, applicants may be eligible for a loan amount increase of up to 20% for their physical damages. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future disasters.

“The opportunity to include measures to help prevent future damage from occurring is a significant benefit of SBA’s disaster loan program. I encourage everyone to consult their contractors and emergency management mitigation specialists for ideas and apply for an SBA disaster loan increase for funding,” SBA Associate Administrator Francisco Sanchez, Jr. said.

Click here to apply online using the Electronic Loan Application (ELA) via SBA’s secure website and apply under SBA declaration #18143.

To be considered for all forms of disaster assistance, click here or download the Federal Emergency Management Agency (FEMA) app.

The filing deadline to return physical property damage is Nov. 6 and the deadline to return economic injury applications is June 7, 2024.

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