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SBA official outlines disaster loan options after July flooding; application deadlines announced
Summary
An SBA disaster recovery official briefed council Oct. 20 on loan programs available after July flooding, including physical-damage loans (homeowners/renters/businesses) with an application deadline of Nov. 12, and Economic Injury Disaster Loans with a later deadline into 2026.
A representative of the Small Business Administration's disaster recovery team told Canal Winchester City Council Oct. 20 that the SBA has an agency declaration related to July regional flooding and that the declaration makes disaster loans available to households, small businesses, private nonprofits, and other eligible entities in the affected counties and contiguous counties.
The SBA official explained two primary loan programs: (1) physical-damage disaster loans for homeowners, renters and businesses (deadline to apply: Nov. 12); and (2) Economic Injury Disaster Loans (EIDL) that provide working capital to businesses to cover lost revenues and keep operations running (deadline extends into mid-2026). The presenter emphasized that physical disaster loans carry no payments or interest for the first year and that homeowners may be eligible for up to $500,000 for repair; small businesses and private nonprofits can apply for up to $2 million for physical damage. The EIDL program provides working capital over a longer application window to help businesses maintain payroll and operations following a disaster.
The SBA representative encouraged residents and businesses in the region to apply and noted the agency will coordinate outreach in the counties affected. Council members asked whether federal shutdowns would affect the SBA's loan processing; the presenter said the SBA programs referenced are funded and operations continue.
