ATLANTA – July 20, 2023 – Indiana residents and businesses affected by severe storms, straight-line winds, and tornadoes that occurred from March 31 through April 1, 2023, have received support from the U.S. Small Business Administration (SBA) to help them recover and mitigate future disaster losses. Those who received disaster loans from the SBA now have the opportunity to request an increase within two years from the date of their loan approval to implement measures that prevent or minimize damages from potential future disasters.
The SBA’s mitigation funds offer an affordable way for survivors to rebuild their properties in a smarter and stronger manner, with the ability to finance improvements that protect both life and property.
SBA Associate Administrator Francisco Sanchez, Jr., highlighted the significance of including measures to safeguard against future damage through the disaster loan program. He encouraged all beneficiaries to consult with contractors and emergency management mitigation specialists to explore ideas for mitigating future risks and apply for the SBA disaster loan increase for funding.
Eligible businesses and homeowners may request a loan increase of up to 20 percent of their verified physical damages, as assessed by the SBA, to cover the cost of implementing mitigation improvements. Examples of such improvements include hurricane-rated garage doors, hurricane shutters, pressure-rated windows, safe rooms, and storm shelters built in accordance with Federal Emergency Management Agency guidelines.
To learn more about available mitigation options, individuals can visit the SBA’s official website at sba.gov/mitigation. For further assistance, they can contact the SBA Disaster Customer Service at 800-659-2955 (or dial 7-1-1 for telecommunications relay services if they are deaf, hard of hearing, or have a speech disability). Alternatively, inquiries can be made via email at [email protected] specifically for information regarding increasing SBA disaster loans for mitigation purposes.
About the U.S. Small Business Administration: The U.S. Small Business Administration is dedicated to empowering entrepreneurs and small business owners with the resources and support needed to achieve their business goals. As the primary go-to resource and voice for small businesses, the SBA offers services through a widespread network of field offices and collaborations with public and private organizations. Its mission is to help power the American dream of business ownership by providing necessary aid, whether for business startup, growth, expansion, or disaster recovery. To explore more about the SBA and its offerings, visit www.sba.gov.