ATLANTA – Maine residents and businesses approved for a disaster loan from the U.S. Small Business Administration (SBA) as a result of severe storms and flooding that occurred from Dec. 17 - 21, 2023, have two years from the date of their loan approval to request an increase to prevent or minimize damages from any disaster in the future. Mitigation funds from the SBA are an affordable way for survivors to rebuild smarter, stronger, and pay for improvements that protect life and property.
“The opportunity to include measures to help prevent future damage from occurring is a significant benefit of SBA’s disaster loan program, said “Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “I encourage everyone to consult their contractors and emergency management mitigation specialists for ideas and apply for an SBA disaster loan increase for funding.”
Businesses and homeowners may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the SBA, to cover the cost of improvements. Examples of mitigation improvements may include hurricane-rated garage doors, hurricane shutters, or pressure-rated windows. Also, mitigation can be used to install a safe room or storm shelter built to Federal Emergency Management Agency guidelines. To learn more about mitigation options visit sba.gov/mitigation.
Borrowers may call SBA’s Customer Service Center at (800) 6592955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance and ask about increasing your SBA disaster loan for mitigation purposes. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
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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.