SBA low-interest disaster loans available for homeowners, renters and businesses of all sizes

FEMA: 40 percent of small businesses that close after a disaster never reopen

(Washington, DC) – Senator Jeanne Shaheen (D-NH), the lead Democrat on the Senate Committee on Small Business & Entrepreneurship and a member of the Senate Appropriations Committee, today issued the following statement after the Senate approved $15.25 billion in emergency hurricane assistance, including $450 million for the Small Business Administration’s (SBA) disaster loan program:

“Hurricane Harvey was a terrible tragedy for millions of people on the Gulf Coast, and this emergency funding will help support our fellow Americans who face a long and steep road to recovery.  With another hurricane bearing down on Florida, I am pleased Congress also approved $450 million to bolster SBA’s disaster response through low-interest loans to flood victims. 

“SBA plays a critical role in long-term disaster response and rebuilding efforts and is now on the ground in Texas approving loans.  It is important for hurricane survivors to know that SBA loan assistance is available to not only small businesses, but to homeowners and renters as well.  If your home or business was damaged in this or future disasters, I encourage you to contact SBA about help repairing or replacing your property so you can reopen and begin the recovery process.

“When a disaster strikes, time is of the essence.  I will continue to work with SBA to ensure disaster resources are available to small businesses and individuals without excessive red tape and wait times.”

SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners and renters.  Disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets.

FEMA estimates that 40 percent of small businesses that close after a disaster like Hurricane Harvey never reopen.  

For more information about SBA disaster loans, visit disasterloan.sba.gov or contact the SBA Customer Service Center at 1-800-659-2955.