- The U.S. Small Business Administration has set up a Business Recovery Center at the Domi Station.
- Businesses and neighbors can visit and get free help in applying for tornado disaster relief loans.
- Watch the video to learn more about the loans and eligibility.
BROADCAST TRANSCRIPT:
It’s been almost two months since tornadoes hit our neighborhoods, yet financial assistance continues to roll out to those in need.
I’m neighborhood reporter Kenya Cardonne in Southwest Tallahassee where the U.S. Small Business Administration (SBA) is helping neighbors apply for disaster relief loans.
Calling all local businesses, homeowners, renters, private and non-profit organizations — you can now apply for a disaster loan from the SBA.
Their team has set up a Business Recovery Center at the Domi Station, and have since helped more than 100 neighbors apply for free.
Take a look below at the SBA’s Fact Sheet to see a full breakdown of the loans and eligibility criteria.
U.S. Small Business Administration
U.S. Small Business Administration
It’s meant to help applicants repair or replace physical damages and cover business operational expenses or payroll. Some eligible applicants may even receive funding for mitigation improvements and relocation.
-Homeowners can borrow up to $500,000
-Homeowners and renters can borrow up to $100,000 for personal property damage
-Businesses and non-profits can borrow up to $2 million, for physical damage (including equipment, inventory, etc.) and/or economic injury
To determine eligibility for these 30-year loans, SBA takes a look at credit history and the ability to repay the loan.
The SBA team tells me it’s an opportunity they want everyone affected by the tornadoes to be aware of.
Bryan Santamaria, Public Affairs Specialist with SBA – “You can do a lot with a loan to get you back on your feet, and we programmed it in such a way that you don’t have to make a payment in the first year and there’s no interest accruing. So, if you want to pay it off beforehand, you can do that too.. it’s a big help for the community.”
The deadline to file an application for physical damage is August 16th, and the deadline to file for economic injury is March 17, 2025.
The SBA Team tells me they are actively looking for more locations to set up and help people with their applications, but in the meantime you can visit them at the Domi Station until August 16th, or you can apply by yourself by visiting the SBA website.
In Southwest Tallahassee, Kenya Cardonne, ABC 27.
