Hosted by NAC Business Development and Sponsored by Rhodes Porter.

The U.S. Chamber of Commerce Foundation has launched the Small Business Hurricane Recovery grant program in partnership with American Express to support small businesses impacted by Hurricanes Helene and Milton. The program will provide $5 million in funding, distributing $5,000 grants to 1,000 eligible small businesses across the Southeast to support their recovery and help them build resilience against future disasters.Eligible small businesses can apply now until Sunday, November 17, 2024, at 11:59pm ET. 
 
The program will provide a $5,000 grant to 1,000 selected businesses that meet eligibility requirements, including but not limited to the following criteria:

• Located in SBA disaster-declared counties 

• Financially harmed and cannot cover costs 

• Have between 1-25 employees 

For more information and to apply please visit: https://www.uschamberfoundation.org/solutions/small-business-hurricane-recovery-grant-program.
 
Beyond this grant program, the SBA has low-interest disaster loans for homeowners, renters, private nonprofits, and businesses. The physical damage loan application deadline is November 29, 2024. Disaster survivors should not wait to settle with their insurance company before applying for a disaster loan. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.
 
In addition, SBA has an additional resource for all the counties included in the disaster declaration with our Economic Injury Disaster Loan program. SBA has low-interest Economic Injury Disaster Loans (EIDL) that do not require any physical damage by the borrower for private nonprofits and small businesses. The EIDL is a working capital loan to help pay for ordinary and necessary operating expenses to recover from revenue loss. 
 
Important points about SBA low-interest Disaster Loans:
1. No application fee.
2. No obligation to accept the loan after it is approved. Applicants/Survivors have 60-days to decide to accept and can ask for more time if they need to reevaluate their recovery situation.
3. No prepayment penalty. 
4. No accrued interest for first 12 months of the loan.
5. No required payments for first 12 months of the loan.