Deadline approaching for Wayne County residents to apply for disaster relief loans

WAYNE COUNTY, Ga. (WTOC) - Businesses, nonprofits, homeowners and renters in Wayne County may be eligible for disaster relief loans to offset wildfire damage from April 20.

Applications for these low-interest federal disaster loans are due by July 27, according to the U.S. Small Business Administration (SBA). Those in Wayne, along with six other Georgia counties, may be able to find economic relief via two different types of loans.

Businesses and private nonprofits can apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery, equipment, inventory and other business assets.

Homeowners and renters can apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, like clothing, furniture, cars and appliances. Homeowners can apply for up to $500,000 to replace or repair their main residence.

A loan increase of up to 20% of the physical damage for mitigation might also be possible, according to the SBA. Mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind-rated garage doors and installing a safe room or storm shelter to protect property and residents from future damage.

“One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades, reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the office of disaster recovery and resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s physical damage loans.”

Interest rates are as low as 4% for businesses, 3.625% for private nonprofits and 2.875% for homeowners and renters. Terms of the loans are up to 30 years.

Interest does not begin to accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

The deadline for applications for physical property damage is July 27. The deadline for economic injury applications is March 1, 2027.

After the deadline has passed, there is a 60-day grace period when SBA will accept applications.

Those interested can apply online here. Applicants can also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information.