SBA offers disaster assistance to Alaska businesses and residents affected by the glacier outburst flooding

The U.S. Small Business Administration has issue the following press release, also available on the SBA website:

SBA Offers Disaster Assistance to Alaska Businesses and Residents Affected by the Glacier Outburst Flooding

Low-interest federal disaster loans are available to Alaska businesses and residents affected by the Glacier Outburst Flooding that occurred Aug. 4 – 6, announced Administrator Isabella Casillas Guzman of the U.S. Small Business Administration. SBA acted under its own authority to declare a disaster following the Sept. 26 FEMA denial of a major disaster declaration for individual assistance, and the state’s request for an SBA Administrative disaster declaration received on Oct. 4.

The disaster declaration makes SBA assistance available in the City and Borough of Juneau, and the neighboring areas of Chatham REAA, Haines Borough, Petersburg Borough.

“SBA’s mission-driven team stands ready to help Alaska’s small businesses and residents impacted by the Glacier Outburst Flooding,” said Administrator Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”

“Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” said Director Jeffrey Lusk of the U.S. Small Business Administration’s Disaster Field Operations Center-West. “Beginning Tuesday, Oct. 10, SBA customer service representatives will be on hand at the following Disaster Loan Outreach Center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application,” Lusk continued. The center will be open on the days and times indicated below until further notice (remove if closing date is known). No appointment is necessary.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

Interest rates can be as low as 4 percent for businesses, 2.375 percent for private nonprofit organizations and 2.5 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more 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. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

The deadline to apply for property damage is Dec. 5, 2023. The deadline to apply for economic injury is July 8, 2024.