The US Small Business Administration (SBA), Office of Disaster Recovery & Resilience, works alongside FEMA after a Presidential Disaster Declaration, which happened after the catastrophic storms and flooding in Maine in December 2023. The SBA provides low-interest, long-term disaster loans to homeowners, renters, businesses of all sizes, and non-profit organizations to cover damage not covered by insurance or another source.

If you live in Androscoggin, Franklin, Kennebec, Oxford or Somerset County and had wind or flood damage to your home, personal property, business or non-profit on December 17 – 21, 2023, you can apply for a low-interest disaster loan from the SBA. There is no cost to apply, and no interest or payments for the first year of the loan. After the first year with no interest or payments, the interest rate for most homeowners and renters is as low as 2.688%; for most businesses as low as 4%; and 3.25% for non-profits. With these low interest rates and a loan term up to 30 years, monthly payments are very reasonable.

SBA’s Office of Disaster Recovery & Resilience wants you to build back stronger and be more resilient against potential future damage. Thus, homeowners and businesses can request an additional 20% of total estimated damage to be used for mitigation—to prevent future damage (such as installing a sump pump, modifying landscaping to divert flood water, or elevating your furnace).

Even if you already used a credit card or bank loan to pay for repairing your home or business, you can still get an SBA disaster loan and replace that more expensive debt with a low-interest SBA loan. Homeowners and renters should register first with FEMA for possible grant assistance. Deadline to apply: April 1, 2024. Apply at no cost Now, Decide Later. Keep your options open. If offered, you have 2 months to decide. You can easily decline the loan offer at no cost to you.

3 Ways to Apply: 1. Online at https://sba.gov/disaster 2. Call or email to learn more: 800-659-2955 or disastercustomerservice@sba.gov

3. Visit a local Disaster Recovery Center, with SBA and FEMA staff to assist you:

Disaster Recovery Center locations (with SBA & FEMA): All open Monday – Saturday, 9-5

1) Androscoggin County: Lewiston Armory, 65 Central Ave., Lewiston

2) Oxford County: Rumford Municipal Building, 145 Congress St., Rumford

3) Kennebec County: Manchester Fire Department, 37 Readfield Rd., Manchester

4) Somerset County: Somerset County EOC, 4 County Dr., Skowhegan

5) Franklin County: Roberts Learning Center, 270 Main St., Farmington

**You can visit any of the DRCs. Hours subject to change.