DAYTONA BEACH, Fla. – The deadline to apply for federal aid if you’ve been affected by Hurricane Ian is Thursday. With Hurricane Ian victims running out of time to apply for federal aid, one option for people who want help is a low-interest loan from the government.
What you need to know
- The Small Business Recovery Center opens Monday at the Daytona Beach Library on Jackie Robinson Parkway
- People will be able to apply for an SBA loan before the deadline to receive federal relief from the effects of Hurricane Ian
- The new center in the library will be open from Monday to Thursday from 9 a.m. to 6 p.m. and on Fridays and Saturdays from 9 a.m. to 5 p.m.
The Small Business Recovery Center opens Monday at the Daytona Beach Library on Jackie Robinson Parkway. People will be able to meet the requirements for an SBA loan before the deadline. The center will also accept documentation for claims that have already been submitted, keep people informed of the status of their claims and help with reconsideration requests. Homeowners, renters, business owners and non-profit organizations can take advantage of these loans.
“Businesses can borrow funds to repair their buildings, replace inventory, equipment, anything that was damaged by the hurricane,” explained Lauri Dana, public relations specialist for the US Small Business Administration.
In certain cases, a company can apply for a loan if it has suffered a monetary loss, not just physical damage.
“Small businesses can also borrow working capital to cover hurricane losses,” Dana added. “Say people couldn’t get to them, the power went out, if they suffered financial losses, they can also apply for economic injury loans and they don’t need physical damage to apply for an economic injury loan.”
Dana said those who work with their insurance companies can still apply for a loan even if their insurance is defaulted.
According to Volusia County officials, more than 7,000 homes were damaged during Hurricane Ian, causing more than $375 million in damage. The SBA offers an affordable alternative for those who still need help in recovery.
“Interest rates are as high as 2.188% for homeowners or renters. For the first year, the interest rate is 0%, and the first payment can be postponed for up to a year,” said Dana. “We’re trying to make it as affordable as possible to end a catastrophic loan.”
The new center in the library will be open from Monday to Thursday from 9 am to 6 pm, and on Friday and Saturday from 9 am to 5 pm. They will be closed on Sundays.