WASHINGTON – Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s Cabinet, announced that more than $100,957,000 in disaster loans have been approved by the SBA for 3,403 small businesses, homeowners, renters, and private nonprofit organizations with losses resulting from Hurricane Fiona on Sept. 17-21, 2022, in Puerto Rico.
“The $100 million milestone is essential to note because it shows the immense scale of damage that is becoming more common as our climate changes and demonstrates the Biden-Harris Administration’s commitment to responding quickly to help the small businesses, nonprofits, and individual renters and homeowners most impacted by natural disasters,” said Administrator Guzman. “In the face of massive damage brought on by Hurricane Fiona, the SBA’s disaster assistance teams were on the scene in Puerto Rico to help people rebuild and get back to work.”
Last month, Administration Guzman announced the launch of the newly reorganized and renamed Office of Disaster Recovery and Resilience (ODR&R), which will play a critical role in supporting our customers as natural disasters become more devastating, come faster and more frequent and are often rapidly changing in their complexity and scope.
In addition, the reorganization will allow for an expanded focus on recovery and resilience through enhanced coordination and a whole-of-agency approach to deploying all SBA programs to communities impacted by disasters.
“Puerto Rico’s small businesses have suffered a succession of environmental and economic disasters in the past four years. The $100 million in disaster recovery funding for Puerto Rican small businesses and residents impacted by Hurricane Fiona is needed and timely,” said Region II Administrator Marlene Cintron, who oversees the federal agency’s operations in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands. “I encourage business owners to apply for this critical disaster relief even if you were previously denied,” she said. “SBA resource partners are ready to assist you every step of the way.”
“SBA remains committed to helping small businesses, homeowners, renters, and private non-profits to recover from the effects of Hurricane Fiona,” said Puerto Rico and the U.S. Virgin Islands District Director Josué E. Rivera. “Disaster relief resources will allow our small businesses and communities in Puerto Rico to cover losses not covered by insurance or funding from the Federal Emergency Management Agency for both personal and business and continue business operating expenses that could have been met had the disaster not occurred. Applications are still being accepted and we encourage eligible businesses and nonprofits to apply.”
About the SBA’s Disaster Relief Funding:
The SBA’s disaster loan program is the only federal assistance program that provides private property owners an affordable way to protect their homes, families, businesses, employees, and livelihoods against the next disaster. By offering affordable loans with no interest and no payments for the first year and low fixed-interest rates for the remaining 30-year term, SBA is maximizing survivors’ likelihood of a successful recovery and helping to minimize further financial hardship.
There is no pre-payment penalty, and borrowers can begin making loan payments during the deferment period.
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 physical property damage.
Applicants with 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 to request a loan increase for mitigation projects.
Interest rates are as low as 3.04 for businesses and 1.875 percent for nonprofit organizations, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
How to Apply for Disaster Funding for Damages Resulting from Hurricane Fiona:
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 deadline to return Economic Injury applications is June 21, 2023.
The filing deadline to return applications for physical property damage was Nov. 21, 2022.
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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 www.sba.gov.