ATLANTA – The U.S. Small Business Administration (SBA) announced today that businesses and residents in Georgia affected by Hurricane Helene will have additional time to apply for SBA’s low-interest physical damage disaster loans. The new deadline to apply is Feb. 7, 2025.
Under this disaster declaration, homeowners may apply for loans of up to $500,000 to repair or replace damaged or destroyed real estate. Homeowners and renters are also eligible for loans of up to $100,000 to repair or replace personal property, including vehicles.
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, equipment, inventory, and other business assets.
“SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage,” said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA. “Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.”
SBA encourages applicants to consider rebuilding smarter and stronger to better withstand future disasters. Loan applicants may be eligible for an increase of up to 20% of their verified physical damages for mitigation purposes. Eligible improvements include safe rooms or storm shelters, sump pumps, French drains, or retaining walls.
Georgians are also reminded that the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible entities that suffered financial losses directly caused by the disaster. EIDLs provide working capital to cover fixed debts, payroll, accounts payable, and other financial obligations, even if the business did not sustain physical damage.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.813% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
SBA’s Disaster Loan Program funding was replenished via the American Relief Act, 2025, which was signed into law on Dec. 21, 2024. The SBA acted immediately and, within six hours of the Act being signed into law, issued more than 21,000 outstanding commitment letters (loan offers). The SBA will continue to issue new loan offers and ensure survivors quickly understand their loan options.
The filing deadline to return applications for physical property damage is Feb. 7, 2025. The deadline to return economic injury applications is June 24, 2025, for Tropical Storm Debby and June 30, 2025, for Hurricane Helene.
Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. 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.