If you need a long-term, low interest loan to fix damage after hurricane Michael, the US Small Business Administration might be able to help.

If you need a long-term, low interest loan to fix damage after hurricane Michael, the US Small Business Administration might be able to help.

An SBA representative attended Monday's Franklin County Commission meeting to explain the service provided by the agency.

SBA can make loans to homeowners, renters, businesses and non-profits affected by the storm.

In order to get an SBA loan you first have to register with FEMA and then you will be referred to the SBA.

Homeowners are eligible for loans up to 200 thousand dollars while renters are eligible for 40 thousand dollar loans for damage to personal property like cars and furniture.

Businesses are eligible for loans of up to 2 million dollars for physical damage as well as 2 million dollars for economic damage from loss of income – those loans are at 3.7 percent.

Non-profit groups like churches can also borrow up to 2 million dollars at 2.5 percent.

There is a deadline to apply – the deadline for loans for physical damage is December the 10^th, while you can apply for economic injury loans through next July.

If you would like to meet with someone from the SBA to find out more about the loans, there are representatives at the Carrabelle Library, the library in Port St. Joe and at the Wakulla One Stop Community Center in Crawfordville.

Those centers are open from 8 am till 7 pm daily.

http://live.oysterradio.com/