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SBA reminds Lowndes County residents and businesses of disaster-loan deadline
Summary
A Small Business Administration public affairs specialist told the Valdosta council meeting that homeowners, renters, businesses and nonprofits affected by Hurricane Helene are eligible for low-interest disaster loans and reminded the public the physical damage application deadline is Jan. 7, 2025.
Monica Miles, a public affairs specialist with the U.S. Small Business Administration, used the Valdosta mayor and council meeting’s public-comment period to urge residents, renters, small businesses and nonprofits affected by Hurricane Helene to apply for disaster loans.
"The SBA wants to make sure that the homeowners, renters, businesses, large and small, and non profit organizations in the city and in the county are aware" of available low-interest loans, Miles said. She described program details: the lowest homeowner interest rate cited was 2.813 percent; business rates were described as 4 percent; nonprofits at 3.25 percent; there is no application fee; the first payment is deferred for one year; and loans for physical damage may be available up to $500,000 for homeowners and up to $2,000,000,000 for businesses and nonprofits, depending on damages.
Miles said the physical-damage application deadline is Jan. 7, 2025, and asked affected Lowndes County residents and businesses to contact the SBA office serving the region for assistance with applications.
