Over $3.5 Million in SBA Disaster Loans Approved in Puerto Rico

ATLANTA – More than $3,682,000 in disaster loans have been approved by the U.S. Small Business Administration (SBA) for 106 businesses and residents with losses resulting from Hurricane Fiona on Sept. 17-21 in Puerto Rico

“The SBA encourages anyone who has not applied to take action right away.  Our mission is to help businesses and residents rebuild and resume their normal lives as quickly as possible,” said Kem Fleming, director of SBA’s Field Operations Center East in Atlanta.

SBA’s Customer Service Representatives are available at Business Recovery Centers to answer questions and provide one-to-one assistance to Puerto Ricans who need help with applying for a low-interest disaster loan. The SBA’s Business Recovery Centers are open as indicated until further notice:   

Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the BRCs are encouraged to wear a face mask.   

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage. 

Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property. 

Building back smarter and stronger can be an effective recovery tool for future disasters. Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, elevation, retaining walls, and landscaping to help protect property and occupants from future damage caused by a similar disaster. 

Applicants that have an existing SBA disaster loan may apply under this declaration. Businesses and residents with previous SBA disaster loans and current applicants have up to two years from the date of their prior loan approval in which to request a loan increase for mitigation projects.  

Interest rates are as low as 3.04 for businesses, 1.875 percent for nonprofit organizations, and 2.188 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. 

To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.  

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/  and should apply under SBA declaration # 17640. 

Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or sending an email to DisasterCustomerService@sba.gov. Loan applications can also be downloaded from sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.  

The filing deadline to return applications for physical property damage is Nov. 21, 2022. The deadline to return economic injury applications is June 21, 2023. 

###

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 www.sba.gov.