The aftermath of Hurricane Helene has left many residents and businesses grappling with damage, but relief efforts spearheaded by the Small Business Administration (SBA) and FEMA are underway to assist those affected.
With the looming deadline for disaster assistance applications set for February 7, 2025, the urgency for individuals and businesses to apply cannot be understated. The SBA has established loan programs aimed at alleviating the financial burden brought on by the devastation of the hurricane. Business owners can borrow up to $2 million for recovery, whereas homeowners may access loans up to $500,000 for damages sustained during the storm.
According to Rick Corrales of the SBA, the agency is committed to helping applicants establish manageable repayment plans without focusing on credit scores. "We don't look at credit scores," he said. "We look at: can they make the payment back?" This approach allows for more flexibility for those striving to rebuild their lives after the disaster.
The application process for these loans is straightforward, with no associated fees for applying. Homeowners and renters can also receive up to $100,000 for damaged personal property. The interest rates on the loans vary, ranging from just under 3% to as high as 8%, and the repayment term can extend up to 30 years.
Jim Accurso, a public affairs specialist for the SBA's Office of Disaster Recovery and Resilience, highlighted the importance of each applicant's unique situation and encouraged people to reach out for assistance. "Everyone’s situation is unique, so we just encourage them to come in and apply, get the application in, and then within a couple of weeks they will be contacted..." he stated.
FEMA is working closely with the SBA to provide comprehensive assistance through Disaster Recovery Centers set up to address the needs of Hurricane Helene victims. These centers, located in Bluefield and Princeton, West Virginia, aim to streamline the application process and offer various resources to aid recovery.
"So, in under a month we have been able to approve more than a million dollars..." noted Georgeta Dragoiu, the Federal Coordinated Officer for FEMA, showcasing the initiative's effectiveness.
The collaborative efforts of FEMA and the SBA are pivotal for assisting the hard-hit communities across Mercer, McDowell, and surrounding counties. The SBA's main focus remains on facilitating access to the necessary resources and information for those affected. The agencies intend to motivate everyone impacted to take advantage of the available assistance.
For those ready to apply, the SBA offers applications through multiple methods, including online at the MySBA Loan Portal and via phone at 1-800-659-2955. Proactive engagement with recovery efforts will significantly help accelerate the rebuilding process.
Community officials are quickly mobilizing to spread the word about these resources, illustrating their commitment to supporting local residents during this challenging time. The SBA's focus on reducing barriers to support aims to improve acceptance rates for individuals and businesses seeking disaster recovery aid.
It’s clear from the combined efforts of FEMA and the SBA, there’s hope for those impacted by Hurricane Helene. The pathway to recovery is beginning as financial support becomes accessible, but affected parties must act swiftly to secure the assistance they need.
With the deadline fast approaching, residents and business owners are encouraged to prioritize their applications. The shared goal among these organizations is to restore normalcy wherever possible as quickly as possible.