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SBA official outlines low-interest disaster loans, mitigation aid for Franklin residents after ice storm
Summary
The Small Business Administration'Office of Disaster Recovery briefed the Franklin Board on three loan programs available after winter storm "Fern," including homeowner, renter and business loans, mitigation funding of up to 20% for resilience upgrades, and a federal helpline and website to start applications.
Tracy Gale of the Small Business Administration'Office of Disaster Recovery told the Franklin Board of Mayor and Aldermen that federal disaster loan programs are available to help residents and businesses recover from the recent ice storm known locally as "Fern." She gave application routes and key program features and encouraged aldermen to refer constituents.
"As a primary declaration county for this disaster, winter storm Fern, there are three programs available to your citizens," Gale said, and added that "there's a lot of money available at very low interest rates." She provided the SBA hotline (1-800-659-2955) and the online portal (lending.sba.gov) and offered to follow up directly with residents who need help applying.
Gale described three broad types of assistance: home disaster loans (repair and replacement, homeowners eligible for up to $500,000), economic injury disaster loans (working capital for small businesses and nonprofits, including payroll and taxes), and mitigation assistance (an extra 20% to make repairs more resilient). She said businesses and private nonprofits may be eligible for up to $2 million in physical-damage loans and that renters may qualify for up to $100,000 in assistance for damage to rented property or business equipment.
Gale highlighted program features aimed at easing immediate burdens: low fixed interest rates, up to 12 months with no payments due and 12 months with no interest accruing, repayment terms up to 30 years, no prepayment penalty, and no obligation to accept funds once approved. She also noted the SBA uses Treasury direct deposit and that, after a completed application, disbursement averages 10 to 15 business days.
Board members asked about eligibility for homeowners' associations and debris-removal questions; Gale clarified loans must be made to individual homeowners or business owners rather than to an HOA for general association repairs. She reiterated the SBA will help applicants through the process and that staff at the local SBA office will take calls seven days a week.
The presentation was informational; the board received contact details and a pledge from the SBA representative to assist constituents individually.
The board moved on to its next agenda items after a brief question-and-answer period. The SBA hotline and web portal were presented as primary next steps for Franklin residents seeking disaster assistance.
