SBA loans available for those impacted by September flooding

Monday, Jan. 23, 2023–9:23 a.m.

-David Crowder, WRGA News-

Georgia businesses and residents affected by flooding back in September are eligible to apply for low-interest disaster loans from the U.S. Small Business Administration.

In Chattooga County, homeowners with physical damage can get up to $200,000, renters can get up to $40,000, and businesses can get up to $2 million.

Interest rates are as low as 3.04 percent 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.

The disaster declaration also covers the contiguous counties of Floyd and Walker in Georgia as well as Cherokee and DeKalb in Alabama, according to Matt Folmer with the SBA.

“Let’s just say your business relies on people coming from Chattooga County to do business over here, and after the disaster, the business just isn’t like it was before,” he said. “So, we come in and offer the loans to try to help you with working capital, overhead, payroll, and things like that.”

There are a couple of deadlines to be aware of.

“March 10 is the physical damage deadline,” Folmer said. “The economic injury deadline is October 9.”

To assist businesses and residents, a Disaster Loan Outreach Center has operating at the Chattooga County EMA/E-911 facility in Summerville.

The center will close this Thursday at 4 p.m.

After that, applicants can go online at disasterloanassistance.sba.gov.

You can also call 1-800-659-2955 if you have any questions.

Folmer was a guest on Monday’s First News with Tony McIntosh.

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