SBA announces disaster loan options for hurricane-affected homeowners and businesses

In a recent meeting held by Cocke County officials, discussions centered around disaster recovery efforts following the damages caused by Hurricane Halloween. A representative from the Office of Disaster Recovery highlighted the availability of low-interest disaster loans for homeowners, renters, landlords, business owners, and nonprofit organizations affected by the hurricane. The deadline for applying for physical damage assistance is approaching in April, prompting officials to encourage those impacted to seek help.

The representative emphasized the importance of spreading the word about these loans, which can be applied for through the Small Business Administration's website at sba.gov/disaster or by calling their customer service line. This outreach is crucial as many individuals may not realize they qualify for assistance due to the nature of their damages.

Additionally, the meeting addressed the Economic Injury Disaster Loan program, specifically designed for business owners and nonprofits that may not have experienced physical damage but have suffered revenue losses. The representative noted that businesses often underestimate the impact of such losses, which can lead to financial strain over time. This program aims to alleviate some of that burden, allowing businesses to pay off high-interest loans and credit card debts incurred during the recovery period.

The discussions underscored the interconnectedness of community recovery efforts, as the economic health of local businesses directly affects the overall recovery of the region. As the deadline for assistance approaches, officials are urging community members to take action and apply for the support available to them.

In conclusion, the meeting highlighted the critical resources available for disaster recovery in Cocke County. With the deadline for physical damage assistance looming, community leaders are focused on ensuring that residents and business owners are informed and able to access the help they need to recover from the recent hurricane.