To further support Hurricane Florence recovery efforts, the U.S. Small Business Administration will offer deferments of up to nine months on SBA-serviced loans held by eligible residents, businesses and private nonprofits.
Borrowers located in a North or South Carolina county designated a federal disaster area after Hurricane Florence, with SBA loans in “regular servicing” status on Sept. 13, 2018, may request a deferment of principal and interest for up to nine months.
Loans eligible for deferment include:
- 7(a) Loans
- 504 Loans
- Community Advantage Loans
- SBA disaster loans for homeowners, renters, businesses of all sizes and private nonprofit organizations
To request a deferment on non-disaster loans, contact your participating SBA lender or respective loan servicing center. SBA disaster loan borrowers should contact the Birmingham Disaster Loan Servicing Center at (800-736-6048), or by email at email@example.com.
Interest will continue to accrue on loans in a deferment status. The SBA will evaluate each request individually, and may grant the deferment when the borrower can show the need for relief based on the additional financial adversity caused by Hurricane Florence.
Small businesses recovering from Hurricane Florence are eligible to apply for SBA Express Bridge Loans. These loans are available via SBA Express Lenders to help their current small business customers impacted by the hurricane. The loan limit is $25,000.
For more information about SBA disaster loans, visit www.sba.gov/disaster.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.