Thursday, December 6, 2018

Time is running out to apply for an SBA loan

The US Small Business Administration has loaned local businesses over 3 million dollars since Hurricane Michael hit the coast in early October.

As of November the 30th the SBA had made 100 loans in Franklin County totaling 3,911,000 dollars.

83 of those were home loans, the rest were to provide working capital for local businesses.

An estimated 1500 people have been referred to the SBA for assistance – but only 319 people have filed an application.

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 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.

If you would like to file for a loan you need to do it soon – the deadline is December the 10th.

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 9 am till 6 pm daily.

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