The U.S. Small Business Administration is offering deferments of up to nine months on SBA-serviced loans held by eligible residnets, businesses and private nonprofits, a news release from Washington says.
Borrowers located in a North or South Carolina county designated a federal disaster area after Hurricane Florence, with Small Business Administration loans in “regular servicing” status on Sept. 13, 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 the 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 firstname.lastname@example.org.
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, the release says.
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, the release said.
The Express Bridge Loan program guide has more information; SBA disaster loan information is available at sba.gov/disaster.