SBA official outlines low-interest disaster loans for homeowners, renters and small businesses

A Small Business Administration representative briefed the council on federal disaster-loan programs available to residents and businesses after severe storms and flooding.

Romal Javero, public information officer with the SBA Office of Disaster Recovery and Resilience, said homeowners may borrow up to $500,000 to repair or rebuild a primary residence to pre-disaster conditions; homeowners and renters may borrow up to $100,000 for personal-property losses. Interest rates cited were as low as 2.81% (homeowner repair loans) and 2.56% (personal property), fixed for terms up to 30 years for home loans. Businesses and private nonprofits may borrow up to $2 million for physical damage and up to $2 million in Economic Injury Disaster Loans for working capital; those loans can be used for payroll, leases and other operating expenses.

Javero urged eligible residents and businesses to apply because approval does not obligate acceptance of the loan; he noted a 12‑month initial deferral and said the physical-damage application deadline was subject to a grace period to Nov. 27 and that the economic-injury application deadline is April 6, 2026. He left web resources and offered to follow up with email information for distribution.

Why it matters: Disaster loans can provide a primary federal assistance source to repair uninsured losses for homeowners and working capital for businesses; staff encouraged affected residents to use the SBA site and application process to begin recovery efforts.

What’s next: The SBA will provide follow-up information for distribution to residents and businesses; staff said the city will share resources with affected neighborhoods.