SBA representative outlines disaster-recovery loans, local centers for hurricane aid

A Small Business Administration official briefed the commission on Jan. 7 about federal disaster-recovery loan programs available to homeowners, renters, businesses and nonprofits affected by recent hurricanes.

"For homeowners and renters, you're looking to add rates as low as 2.813%," the presenter said, describing long-term, federally backed loans that can be used for repairs and recovery. The official said the SBA opened a recovery center in Kissimmee at the Hart Memorial Library and is opening an Orange County location; staff can assist applicants who prefer in-person help with applications.

The presenter summarized program terms stated in the meeting: homeowner and renter loans with terms up to 30 years; business loans up to $2,000,000 at interest rates described around 4%; nonprofit loans at rates described as low as 3.25%. The SBA official said the first year may include deferred payments (0% for twelve months) and that loan eligibility requires damage within a declared disaster area and a repayment plan.

The speaker encouraged residents who had emergency expenses (for example debris removal or uninsured losses) to contact the SBA recovery center for help with applications. No city action or funding request on this item was recorded at the meeting.