SBA Grants Puerto Rico $1 Billion in Disaster Loans

The U.S. Small Business Administration (SBA) announced today that is has approved over one billion U.S. dollars in low-interest disaster loans for over 28,000 Puerto Rico residents and businesses to help them recover from Hurricanes Irma and Maria. The deadline for filing for physical property damage is March 20, 2018. The deadline for economic injury loan applications is June 11, 2018 for Hurricane Irma, and June 20, 2018 for Hurricane Maria.

The people of Puerto Rico are still recovering from the aftermath of Hurricanes Irma and Maria which occurred in September of last year. Hurricane Irma, which stormed through U.S. Virgin Islands St. John and St. Thomas before making landfall at Cudjoe Key, Florida, was shortly followed by Hurricane Irma in Puerto Rico, and the U.S. Virgin Islands.

Hurricane Maria caused detrimental damage to Puerto Rico’s transportation, agricultural, communication and energy infrastructure, left nearly all of the territory without electricity, and caused the deaths of 38 people. As Puerto Rico recovers their commerce and infrastructure, the SBA is providing financial help to rebuild themselves.

“Recovery for Puerto Rico has a long way to go. The SBA is still on the ground, making sure that island residents and businesses are getting the help they need to rebuild. The agency will continue its outreach to make sure those who need the help are aware of the long-term recovery assistance that’s available,” SBA Administrator Linda McMahon said in the press release. “Meanwhile, SBA mobile business recovery centers have visited all 78 Puerto Rico municipalities, with 4,500 business owners attending sessions to learn about SBA disaster assistance and  get help with online disaster loan applications.”

Click here to learn more about this story and SBA’s disaster assistance program.




Become a member of NAWRB today! LEARN MORE

Leave a Reply

Your email address will not be published. Required fields are marked *