A disaster loan outreach center is now open in Jay.
The U.S. Small Business Administration opened the center to help businesses and residents affected by the severe storms and tornadoes in May.
The disaster declaration applies to Santa Rosa County, but not to Escambia County in Florida or Alabama.
“Our Disaster Loan Outreach Centers are one of the most effective resources available to the SBA to assist business owners,” said Francisco Sánchez Jr., deputy administrator of the Small Business Administration’s Office of Disaster Recovery and Resilience. “Residents and business owners can meet in person with our specialists to apply for SBA disaster loans and receive information about the full range of our programs designed to help them navigate their recovery.”
Spontaneous visits are possible, but appointments can be made in advance.
The center is located in the Jay Town Hall on Highway 4. It is open Monday through Friday from 10 a.m. to 6 p.m. and Saturday from 10 a.m. to 2 p.m. The center is closed on Monday, September 2 for Labor Day and closes at 4 p.m. on Friday, September 6.
Businesses and private nonprofit organizations can borrow up to $2 million to repair or replace property, machinery and equipment, inventory and other business assets damaged or destroyed by disasters.
For small businesses, small agricultural cooperatives, small aquaculture businesses, and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available whether or not the business suffered property damage.
Homeowners are eligible for loans of up to $500,000 to repair or replace damaged or destroyed property. Homeowners and renters are eligible for loans of up to $100,000 to repair or replace damaged or destroyed personal property.
Applicants may be eligible for a loan amount increase of up to 20 percent of their property damage as verified by the SBA for mitigation purposes. Eligible mitigation measures may include a safe room or storm shelter, sump pump, drainage or retaining wall to protect property and residents from future damage.
Interest rates are as low as 4% for businesses, 3.25% for nonprofits, and 2.688% for homeowners and renters, with terms of up to 30 years. Interest does not accrue until 12 months after the first disbursement, and monthly payments are not due until later. The SBA sets loan amounts and terms based on each applicant’s financial situation.
For more information and to apply online, visit sba.gov/disaster. Applicants may also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for information about SBA disaster assistance. People who are deaf, hard of hearing, or have a speech impediment should dial 7-1-1 to access telecommunications relay services.
The deadline for filing claims for property damage is October 7, 2024. The deadline for filing claims for economic damage is May 6, 2025.
