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SBA loans available to Georgia residents, businesses impacted by March tornadoes

The loans are in response to a letter from Georgia Gov. Brian P. Kemp on July 19, requesting a disaster declaration by the SBA.

COWETA COUNTY, Ga. — The severe storms that took place in March left lasting damage to residents and businesses in many Georgia counties.

On Wednesday, the U.S. Small Business Administration Administrator Isabella Casillas Guzman announced Georgia businesses and residents affected by severe storms and tornadoes on March 25 and March 26, may apply for low-interest disaster loans.

Guzman made the loans after Gov. Brian Kemp requested a disaster declaration by the SBA in a July letter. Businesses and residents in the declared area can now apply for low-interest disaster loans. 

The declaration covers Coweta County and the adjacent counties of Carroll, Fayette, Fulton, Heard, Meriwether, Spalding, and Troup in Georgia.

“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,”  SBA’s Georgia District Director Terri Denison said in a statement.

The SBA will open a Disaster Loan Outreach Center (DLOC) in Coweta County on Friday, July 23 at 9 a.m. to assist businesses and residents affected by the disaster. The DLOC will be located at the Newnan-Coweta Chamber of Commerce at  23 Bullsboro Dr. in Newnan.

Customer service representatives will be available at the DLOC to answer questions about the loan program and help people complete applications. Due to the ongoing COVID-19 pandemic, the SBA has established health protocols. All visitors to the DLOC are encouraged to wear a face mask.  

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. 

Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,”  Kem Fleming, director of SBA’s Field Operations Center East in Atlanta said in a statement.

The filing deadline to return applications for physical property damage is Sept. 20, 2021. The deadline to return economic injury applications is April 20, 2022.

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