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.

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

As of November 6^th, 48 SBA loans had been approved in Franklin County totaling over one and a half million dollars.

That includes 44 home loans, 2 business loans and 2 economic injury loans.

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 at interest rates as low as 2 percent 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.

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