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Small Business Administration (SBA) tops $1 billion in Hurricane Ian assistance

Small businesses, homeowners, and renters will benefit from these resources.

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Isabel Casillas Guzmán, administrator of the SBA, recently announced the approval of this figure to support those affected by the hurricane in September.

More than 14,000 small businesses, homeowners, renters, and non-profit organizations have been approved for disaster assistance in Florida.

Casillas Guzmán stated:

Our SBA disaster assistance teams hit the ground immediately in the wake of Hurricane Ian to help disaster-impacted individual homeowners, renters, and businesses with critical financial relief.

About SBA Disaster Relief Funding

This loan program is the only federal assistance plan that provides private homeowners with an affordable way to protect their homes, families, businesses, employees, and livelihoods against disasters.

Owners of private property affected by natural disasters, such as Hurricane Ian, are eligible for credits for up to 20% of their total physical losses, as verified by the SBA, to incorporate protective measures to protect against the next disaster.

Businesses and private nonprofit organizations of any size can borrow up to $2 million to repair or replace real property, machinery and equipment, inventory, and other business assets damaged or destroyed by the disaster.

“Reaching the $1 billion mark demonstrates the scale of devastation and the commitment of the Biden-Harris Administration and the whole of SBA to swiftly assist communities in their recovery,” added Casillas Guzmán. 

SBA also stressed that as natural disasters become more devastating, the agency is continually looking at how to adapt to their impacts, which means rethinking how they provide community disaster assistance.

Disaster Resources

Since November 28, the SBA has approved 14,877 low-interest disaster loans for a combined amount of $1,049,679.

The Florida Disaster Declaration, issued by President Biden, began on September 23 and now includes the following counties: Brevard, Charlotte, Collier, DeSoto, Flagler, Glades, Hardee, Hendry, Highlands, Hillsborough, Lake, Lee, Manatee, Monroe, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Saint Johns, Sarasota, Seminole, and Volusia. 

Small businesses affected by the hurricane and living in these counties are eligible for economic and physical damage disaster loans.

For more information on the affected counties and parishes, click here.

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