SBA Launches Disaster Assistance for Sevier County Residents Impacted by Hurricane Helene
The U.S. Small Business Administration (SBA) has announced the availability of low-interest disaster loans for Sevier County residents who have been impacted by Hurricane Helene and the subsequent flooding of the French Broad River.
Eligible homeowners can apply for disaster loans up to $500,000 to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are also eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property, including automobiles.
Key Loan Information:
- Loan Amounts: Up to $500,000 for homeowners; up to $100,000 for homeowners and renters to repair or replace personal property.
- Interest Rates: As low as 2.813% for homeowners and renters.
- Loan Terms: Up to 30 years, with no interest or payments due until 12 months from the date of the initial disbursement.
- Eligibility: Based on each applicant’s financial condition and disaster-related damages.
Application Deadlines:
- Physical Damage Application Deadline: November 27, 2024
- Economic Injury Application Deadline: June 30, 2025