SBA approves $1B in Hurricane Ian aid

The U.S. Small Business Administration said Monday that more than $1 billion in disaster assistance has been approved for small businesses, homeowners, renters and private nonprofit organizations with losses related to Hurricane Ian in September.

“Our SBA disaster assistance teams hit the ground immediately in the wake of Hurricane Ian to help … homeowners, renters, and businesses with critical financial relief,” SBA Administrator Isabella Casillas Guzman said in a news release. “Reaching the $1 billion mark demonstrates the scale of devastation.”

As of Monday, the SBA had approved 14,877 low-interest disaster loans delivering a combined $1,049,679,000.

For small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.