Ace McGill’s Post

Low interest SBA loans are now available to businesses and residents in South Carolina as a result of Hurricane Helene. 🔹 Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. 🔹For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage. 🔹With the changes to FEMA’s Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and SBA low-interest disaster loan assistance to fully recover. FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. 🔹The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition. 🔹The filing deadline for physical property damage is Nov. 29, 2024. The deadline to return economic injury applications is June 30, 2025. 🔹According to SBA, you should not wait on the decision for a FEMA grant. To apply online and for more info, visit https://lnkd.in/eJa7qk2s. Or call 800) 659-2955.

The U.S. Small Business Administration recently announced that Newport County is now included in the disaster declarations in Rhode Island for the severe storms and flooding that occurred on Dec. 17-19, 2023 and Jan. 9-13, 2024.  The disaster declarations cover Kent, Providence, and Washington counties in Rhode Island, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Bristol and Newport in Rhode Island; New London and Windham in Connecticut; and Bristol, Norfolk, and Worcester in Massachusetts. To learn more, join the SBA for a virtual workshop to give homeowners, renters, and especially small business owners an opportunity to learn about SBA recovery resources. Learn about low-interest federal disaster loans available for the severe storms & flooding that occurred December 17-19, 2023, and January 9-13, 2024. https://lnkd.in/e6w8XzsY

SBA Exhausts Funds for New Disaster Loans SBA announced that it has exhausted funds for its disaster loan program after warnings that funding would soon run out following increased demand from Hurricane Helene. Until Congress appropriates additional funds, SBA is pausing new loan offers for its direct, low-interest, long-term loans to disaster survivors. However, SBA is encouraging individuals and small businesses to continue to apply for loans given assurances from congressional leaders that additional funding will be provided upon Congress’s return in November. SBA’s loan application portal remains open, SBA’s disaster centers and in-person staff remain deployed across the country, and the agency will continue to accept new applications and ready borrowers to get their disaster loan offers as soon as possible once Congress appropriates funds. Apply for assistance.    Learn more by visiting https://lnkd.in/em96ZMZT.

For individuals and businesses affected by the recent disaster from Hurricane Helene, here are resources for financial assistance for your business. Document financial losses...including loss of potential revenue, as future financial aid programs may become available. #InsightfulFinancials #HurricaneHelene #FinancialAssistance

NEWS ALERT: Low-interest disaster loans from the SBA are available to businesses and residents in Florida, Georgia, North Carolina, South Carolina, Tennessee and Virginia following the announcement of a Presidential disaster declaration for Hurricane Helene. Disaster survivors should not wait to settle with their insurance company before applying for a disaster loan. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan. Applicants are encouraged to apply online for a disaster loan. Contact Alliance Capital Corporation at 205-982-7900 if you have any questions. #alliancesba #sbalending

If you are a small business in need, please read below

The U.S. Small Business Administration is now offering Disaster Loan Assistance due to the recent tornados, hurricanes, high winds and flash floods. Economic Injury Disaster Loans (EIDLs) are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period. NEW YORK Declaration 20551 (Disaster: NY-20012) Incident: TORNADO, HURRICANE, HIGH WINDS, FLASH FLOODS, EXCESSIVE RAIN, and HAIL Occurring: July 10, 2024 and continuing in the New York counties of: Cortland, Erie, Lewis, Ontario, Seneca, Tompkins, and Wyoming; and the contiguous New York counties of: Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Genesee, Herkimer, Jefferson, Livingston, Madison, Monroe, Niagara, Oneida, Onondaga, Oswego, Schuyler, St. Lawrence, Steuben, Tioga, Wayne, and Yates Application Filing Deadline: April 14, 2025 Apply directly here: https://lnkd.in/eEX_9iNW

Calling all #SmallBusinesses in #Florida needing assistance... There is a lot of information being shared today on hurricane assistance programs available through the #SBA and #FloridaCommerce. Please take the time to review the programs and to understand how each program can assist you. Learn what the program dollars can be used for, what the repayment requirements will be, what the 0% conversions are to the loan rate long term, and how much each program maximum is available so that you can use program(s) that best meet your needs and that you can sustain moving forward. Here is a snapshot of programs: ☑️ FloridaCommerce Emergency Bridge Loan: Short term 0%/12 month working capital loan available from $50,000 to $150,000 depending on industry sector. https://lnkd.in/eZxvKYGm ☑️ #SBA Business Physical Disaster Loan: Loans for physical damage to repair and replace physical assets NOT covered by insurance. This is a 0% interest for 12 months with an SBA determined 4-8% interest rate conversion. https://lnkd.in/epynmyi2 ☑️ #SBA Mitigation Assistance: Wind and Flood mitigation improvements to your business. This is a low interest loan program determined by SBA for requested improvements. https://lnkd.in/eWhh3bzF ☑️ #SBA Economic Injury Disaster Loans (EIDL): provides working capital to help businesses until they can resume normal operations. This is a 0% interest loan for 12 months with a 4% interest rate conversion. https://lnkd.in/ewvMyXU5 There are maximum loan amounts for each program and for maximum total of combined loans for a business. Contact your local bank representative to assist you in navigating these programs and/or you can schedule an appointment through your local U.S. Small Business Administration office at https://lnkd.in/eDWyjRzn #community #smallbizassistance #HurricaneHelene #HurricaneMilton #Floridadisasterassistance #smallbiz #smallbusinesses #disasterrecovery

Delayed Disaster Relief for Hurricanes Helene and Milton Victims The Small Business Administration (SBA) has run out of funding for disaster assistance loans it offers small businesses, homeowners and renters. The SBA warned earlier this month that without additional funding from Congress there could be a funding deficit given an anticipated surge in claims from Hurricanes Helene and Milton. So far, the SBA has received around 37,000 applications for relief from those impacted by Hurricane Helene and made more than 700 loan offers totaling about $48 million. It has received 12,000 applications from those impacted by Hurricane Milton. The SBA is pausing new loan offers until it gets more funding, which means loans that have not already been offered will be delayed by at least a month. SBA Administrator Isabel Casillas Guzman said people should keep applying for the loans.   Source: The Associated Press - Business News View my blog to learn more about assistance for: entrepreneurs/solopreneurs https://lnkd.in/eAbdBSqd small businesses https://lnkd.in/eHFhAMz4  

🌪️ Need Help After the Storms? 🌧️ If you or your business were impacted by the April severe storms in St. Albans, the U.S. Small Business Administration (SBA) is offering disaster loans to help you recover. 🏚️💼 ➡️ Learn more about how to apply for physical and economic injury disaster loans. Deadlines are approaching! 👇 Read the full details 👇 https://lnkd.in/g7bGrJbb #StAlbansStrong #DisasterRecovery #SBALoans