SBA gives $10 million in loans after Hurricane Michael
The Small Business Administration is still in southwest Georgia trying to help people affected by Hurricane Michael after already giving out millions of dollars in loans.
Across the state, SBA said it has given out $10.8 million in loans since November 6.
It gives out loans not only to small and large businesses, but to nonprofit organizations, homeowners, and renters.
Public Affairs Specialist Lovelace Cook said payment on the loans are deferred for 11 months after the loan is approved. She adds that helps give people a chance to get back on their feet.
Homeowners can borrow up to $200,000 and renters can borrow up to $40,000. Both are with a two percent interest rate.
"Businesses can borrow up to $2 million at interest rates as low as 3.675 percent,” Lovelace said. “That includes any kind of real estate, material or equipment that was damaged."
The application deadline is December 13. You can register at disasterassistance.gov or go to a Disaster Recovery Center to apply in person.