SBA Offers Loan Increase for Mitigation Measures: Boost Your Recovery and Strengthen Against Future Disasters

ATLANTA - Florida residents and businesses approved for a disaster loan from the U.S. Small Business Administration (SBA) as a result of Hurricanes Helene and Milton, have two years from the date of their loan approval to request an increase to pay for mitigation measures to prevent or minimize damages from future disasters. Mitigation funds from the SBA are an affordable way for survivors to rebuild smarter, stronger, and pay for improvements that protect life and property.

"SBA's disaster loan program offers an important advantage-the chance to incorporate measures that can reduce the risk of future damage," said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA. "Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements."

Businesses and homeowners may be eligible for a loan increase up to 20% of their physical damages, as verified by the SBA, to cover the cost of improvements. Examples of mitigation improvement may include regrading landscaping to improve drainage, installing a French drain, installing a sump pump, insulating pipes, walls and attics, weather stripping doors and windows and more. To learn more about mitigation options visit sba.gov/mitigation.

On Oct. 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 6592955 or email [email protected] for information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Related programs: Disaster

Email [email protected]