The U.S. Small Business Administration (SBA) opened a disaster recovery center on Walton Way Extension, setting up a hub for those seeking disaster relief loans.
Friday afternoon, the SBA launched a mobile auxiliary office in south Augusta, called a portable loan outreach center (PLOC), where residents may consult SBA specialists about applying for disaster recovery loans.
The PLOC had previously been stationed at the McMullen Southside Library in Valdosta, aiding the disaster recovery center at that city’s Turner Center for the Arts, and relocated in response to decreased demand.
Several types of disaster loans are available from the SBA. Businesses and nonprofits can apply for business physical damage loans, to repair or replace damaged property such as real estate, supplies or equipment, and economic injury disaster loans (EIDL), to help meet financial obligations rendered impacted by disasters.
The SBA can loan up to $2 million to either tend to physical damages or alleviate economic injury, for terms no longer than 30 years. Interest rates are fixed: 4% to businesses, 3.25% to nonprofits, unless the SBA determines that an applicant can provide for their own recovery—a status deemed “credit available elsewhere. In this case the rates are 8% for businesses seeking physical damage loans, and not applicable for either businesses or nonprofit organizations applying for EIDLs.
Homeowners and renters can apply for SBA home loans for damages caused by the storm for up to $500,000, also with maximum 30-year terms, at a fixed interest rate of 2.813%, or 5.625% for those with credit available elsewhere.
“A lot of people, after going through so much stress and trauma from having damage to their home, don’t want to think about a loan,” said Brian Beard, public affairs specialist for the SBA’s Office of Disaster Recovery & Resilience, noting that applicants can use loan monies to pay high insurance deductibles. “But we tell people it costs you nothing to keep your options open.”
The deadline to apply for home or business physical damage loan is Nov. 29. Businesses looking to apply for an economic injury loan have until June 30, 2025.
The Augusta SBA Portable Outreach Loan Center is located at 4104 Windsor Spring Road in Hephzibah, behind the Parker’s Kitchen at the intersection of Windsor Spring and Tobacco roads. It is open Monday through Friday from 9 a.m. to 6 p.m., and 9 a.m. to 4 p.m. on Saturdays. It is slated to operate in Augusta for as long as there is demand.
The SBA Business Recovery Center is at 3626 Walton Way Ext., Ste. 1, with the same hours. Locals can also seek assistance at the Disaster Recovery Center at the HUB for Community Innovation, 631 Chafee Ave., Monday through Saturday from 8 a.m. to 7 p.m., and Sunday from 1 p.m. to 6 p.m.
For more info, email disastercustomerservice@sba.gov or visit https://lending.sba.gov.
Skyler Q. Andrews is a staff reporter covering business for The Augusta Press. Reach him at skyler@theaugustapress.com.
