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SBA outlines disaster loan programs available to Newport homeowners, renters and businesses
Summary
A U.S. Small Business Administration representative briefed the council on low-interest disaster loans and application deadlines following recent flooding: homeowners up to $500,000, renters up to $100,000, businesses up to $2 million; economic injury loans up to $2 million; physical damage deadline April 2025; economic injury deadline July 2025.
A public-affairs representative from the U.S. Small Business Administration briefed the Newport City Council on disaster-loan programs available to residents, landlords, businesses and nonprofit organizations after the recent flood.
The presenter described three SBA programs: physical-damage loans (homeowners up to $500,000; renters up to $100,000; businesses up to $2,000,000), economic-injury loans for businesses (up to $2,000,000, for loss of revenue even if no physical damage), and mitigation loans. The presenter said terms may run up to 30 years and that there are no payments for the first year for borrowers that qualify.
Application deadlines noted in the presentation were April 2025 for physical-damage loans and July 2025 for economic-injury assistance. The presenter gave the web address sba.gov/disaster and a contact phone number for the disaster center; staff said they will forward the information to Monica Hommel, the city’s recovery coordinator, for distribution to residents.
Council members thanked the presenter and asked staff to circulate the materials to the public and to the city’s recovery coordinator.
