The U.S. Small Business Administration is actively aiding Walker County residents affected by severe storms, winds, tornadoes, and flooding since April 26. They collaborate closely with FEMA, state, and local leaders after President Biden's May 17 major disaster declaration to address human, physical, and economic impacts of these events.

This Presidential Declaration includes Walker County among the primary designated counties. The SBA offers low-interest federal disaster loans to help businesses, homeowners, and renters in Walker County who are uninsured or under-insured due to the severe storms, winds, tornadoes, and flooding since April 26.

The application to apply for physical damage to the SBA is open until August 15, 2024.

The fastest way to enroll with SBA is by doing one of three things: 

1. visiting SBA’s disaster site: sba.gov/disaster; 

2. emailing SBA at disastercustomerservice@sba.gov 

3. or calling SBA customer service at (800) 659-2955

Fun facts on SBA Physical Damage Loans:

--- Home Disaster Loans: Available to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.

--- Business Physical Disaster Loans: Offered to businesses for repairing or replacing disaster-damaged property such as real estate, inventories, supplies, machinery, and equipment. Eligible entities include businesses of any size and private, non-profit organizations like charities, churches, and private universities.

SBA disaster loans are available to:

1. Homeowners for up to $500,000 to replace or repair their primary residence.

2. Renters and homeowners up to $100,000 to replace or repair personal property.

3. Businesses and nonprofits organizations up to $2 million to cover disaster losses not fully covered by insurance. 

SBA offers low fixed interest rates with terms up to 30 years to help in recovery. There is no cost to apply and no obligation to accept the loan if approved. 

The April 2024 severe storms, straight-line winds, tornadoes and flooding disaster loan rates are:

1. As low as 2.688% for Homeowners

2. As low as 4% for Businesses

3. As low as 3.250% for Nonprofit organizations

There is no cost or obligation to apply, and eligibility is based on a case-by-case review for each applicant.

There is no interest for the first year and no repayment requirements for the first 12 months. SBA disaster loans have no prepayment penalties and terms up to 30 years.

Specific to SBA loans, businesses in contiguous counties are eligible ONLY for Economic Injury Disasters Loans (EIDL).  The Deadline to apply for EIDL loans is Feb. 18, 2025.

Fast Facts on EIDL Loans:

--- Initiate an SBA loan application before the Feb. 18, 2025 deadline to secure Economic Injury Disaster Loans (EIDLs).

--- EIDLs offer low interest rates (3.250% for non-profits, 4% for businesses and agricultural cooperatives) and flexible repayment terms to assist small businesses, agricultural cooperatives, aquaculture enterprises, and most non-profits in meeting financial obligations during disaster recovery periods.

The law limits EIDLs to $2 Million for alleviating economic injury caused by the disaster.

To begin the application process, survivors can do one of the following:

--- To obtain more information about SBA disaster loans, visit  sba.gov/disaster , call the Customer Service Center at 800-659-2955, or send an email to DisasterCustomerService@sba.gov. You can apply online using SBA’s secure website at sba.gov/disaster .

For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

SBA Media Contact: Corey D. Williams,

(916) 735-1500, Corey.Williams@sba.gov

The Walker County Disaster Recovery Center:

--- Walker County Storm Shelter 

--- 455 State Highway 75 North