Disaster Recovery Resource for Small Businesses Impacted by Recent Hurricanes

Disclaimer: Information in the Business Financing Blog is provided for general information only, does not constitute financial advice, and does not necessarily describe Biz2Credit commercial financing products. In fact, information in the Business Financing Blog often covers financial products that Biz2Credit does not currently offer. 

The last few weeks of storms have pounded states across the Atlantic including Florida, Georgia and the Carolinas, leaving millions scrambling for resources like SBA disaster loans and other funding.  

To add fuel to the fire, the Small Business Association (SBA) announced that funds for vital disaster loan programs have run dry, and Congress remains in recess until Nov. 12. Despite this, it’s still encouraged to submit an SBA disaster loan application. Once funding is approved, loans will begin approval once more. 

For small business owners who have been impacted by recent storms, we’re here to help you get the necessary resources to get your business back up and running. 

Here’s what you need to know. 

SBA Lending for Businesses Impacted by Storms 

If your business qualifies for a SBA disaster loan, you could potentially get up to $2 million in loans to “replace damaged equipment or inventory and cover economic injury from business disruption,” according to SBA Administrator Isabel Casillas Guzman. 

These loans are meant to be a supplement alongside any insurance coverage as well as FEMA funding, which was allotted $860 million in funding by the Biden administration. 

Here are several loans you may be able to qualify for: 

• Business Physical Disaster Loans: If you own a business located in a declared disaster area that has experienced damage, you may be eligible for financial assistance from the SBA.   

• Economic Injury Disaster Loans (EIDL): This type of SBA funding aims to help businesses that have suffered substantial economic losses due to disasters such as hurricanes by providing working capital to cover operating expenses during the recovery period until normal operations resume. 

• Military Reservists Economic Injury Loans: This funding helps businesses whose essential employees were called to active duty because of the disaster and helps them stay financially solvent during their absence.   

• SBA Mitigation Assistance Loans: The SBA offers low-interest disaster loans to small businesses impacted by declared natural and other disasters. Eligible borrowers may apply for funding to help mitigate their business against future disasters.   

If you prefer to apply in-person, there are application sites in several affected states: 

Here’s how you can apply for FEMA assistance: 

• Call (800) 621-3362. Hours are 7 a.m. to midnight ET every day. 

State Focused Disaster Resources for Small Businesses 

Depending on your business’s location, you may be able to also qualify for funding from your respective state. Here are small business resources for these impacted states: 

Bottom Line 

Resources are launching each day to help small business across the East Coast and Southeast get back on their feet, and we will do our best to update this as new funding becomes available.