Floridians have less than two weeks left to apply for low-interest federal loans after Ian

Central Florida Public Media

Published January 5, 2023 at 11:00 AM EST

FILE - The bridge leading from Fort Myers to Pine Island, Fla., is seen heavily damaged in the aftermath of Hurricane Ian on Pine Island, Fla., Oct. 1, 2022. (AP Photo/Gerald Herbert, File)

The Small Business Administration has approved over $1.3 billion dollars in loans for Hurricane Ian survivors in Florida. The deadline to apply for these low-interest loans for business and home owners in the Sunshine State is fast approaching.

Floridians who incurred damages to a business or nonprofit, home, or rental property as a result of Hurricane Ian have until January 12th to apply for a low-interest SBA loan.

Loans can cover the cost of physical damages to properties or business capital lost during the storm.

Spokesperson Laurie Dana said people should apply for these loans, especially if they were referred to the program by FEMA.

“Homeowners can borrow up to $200,000 to make repairs to their primary residence," said Dana. "Homeowners and renters can borrow up to $40,000 to replace the contents of their homes. And that includes automobiles, anything that the hurricane damaged. Businesses can apply for up to $2 million to make repairs to their businesses. To the buildings, replace equipment, inventory, supplies.”

She said these loans have term limits of up to 30 years.

“Well, the damage was so widespread, and catastrophic. And these disaster loans are so important to help homeowners and renters and businesses and nonprofits recover," said Dana. "We try to make it affordable. We just want people to get on their feet, and be able to recover as soon as possible.”

Interest rates on business loans are currently as low as 3 percent. To apply for an SBA disaster loan, click here.