The Small Business Administration (SBA) has loaned nearly $29 million to Treasure Coast residents and businesses as hurricane aid following Hurricanes Milton and Helene. These low-interest disaster recovery loans are part of a broader $695 million assistance package allocated to Florida, significantly benefiting St. Lucie County, Indian River County, and Martin County.
Hurricane Aid Loans Assist Treasure Coast Communities
According to SBA spokesperson Ileana Alamo, the federal agency has provided substantial financial support to affected homeowners, renters, businesses, and nonprofits. St. Lucie County received approximately $13.8 million, the highest amount among Treasure Coast counties, benefiting at least 895 applicants.
In comparison, Indian River County secured about $10.7 million for 419 applicants, while Martin County received roughly $4.4 million for 220 applicants.
Impact of Hurricanes Milton and Helene on Treasure Coast
Hurricane Milton, which made landfall on October 9, 2024, caused devastating damage across the Treasure Coast, spawning multiple tornadoes. The most severe tornado, categorized as an EF3 with winds between 136-165 mph, tragically resulted in six fatalities at the Spanish Lakes Country Club Village near Fort Pierce. Local authorities and organizations have been actively involved in recovery efforts following Hurricane Milton.
Milton alone was responsible for approximately $34.3 billion in damages, predominantly in Florida. Hurricane Helene, making landfall earlier on September 26, 2024, also significantly contributed to the need for disaster recovery assistance.
Types of SBA Hurricane Aid Loans Available
The SBA disaster loan program is the largest federal source of disaster recovery funding, surpassing even FEMA assistance. SBA loans must be repaid but offer favorable terms to aid recovery effectively. Three primary loan types are available:
- Home and Personal Property Disaster Loans: Assisting homeowners and renters in repairing or replacing damaged property and belongings.
- Business Physical Disaster Loans: Helping businesses rebuild infrastructure damaged by disasters.
- Economic Injury Disaster Loans: Supporting businesses and nonprofits suffering economic losses due to disasters.
Who Should Apply for SBA Hurricane Aid Loans?
Businesses of all sizes, homeowners, renters, and private nonprofit organizations in disaster-declared regions are encouraged to apply. SBA loans can cover fixed debts, payroll, accounts payable, and other essential bills, providing crucial financial stability during recovery.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” stated Chris Stallings, associate administrator of the SBA Office of Disaster Recovery and Resilience. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.” Additionally, organizations like the Treasure Coast Council are actively aiding vulnerable populations, including the homeless, affected by these hurricanes.
Application Deadline Extended for Hurricane Aid Loans
The SBA has extended the application deadline for disaster recovery assistance to July 11, 2025. Interested parties should visit the official Small Business Administration website to apply and obtain more information.
Workforce Reductions and SBA Operations
Despite recent workforce reductions of approximately 40% due to federal cost-cutting measures, the SBA maintains that its disaster assistance program continues to operate normally. The agency is also handling additional responsibilities, including managing the federal student loan portfolio previously overseen by the Department of Education.
“Our immediate focus is ensuring survivors of the 2024 hurricane season in Florida are aware of the resources available to them to recover and get back on their feet,” Alamo emphasized.
Frequently Asked Questions About Hurricane Aid Loans
What is a hurricane aid loan?
A hurricane aid loan is financial assistance provided by the Small Business Administration to help individuals, businesses, and nonprofits recover from hurricane-related damages. These loans have low interest rates and long repayment periods.
How much hurricane aid loan money did Port St. Lucie receive?
St. Lucie County, including Port St. Lucie, received approximately $13.8 million in hurricane aid loans. This assistance supported nearly 900 applicants affected by Hurricanes Milton and Helene.
Can renters apply for hurricane aid loans?
Yes, renters affected by hurricanes can apply for SBA home and personal property disaster loans. These loans help renters replace damaged personal belongings and household items.
Are hurricane aid loans only for businesses?
No, hurricane aid loans are not limited to businesses. Homeowners, renters, and private nonprofit organizations can also qualify for SBA disaster recovery loans to repair property or cover economic losses.
Where can you apply for hurricane aid loans?
You can apply for hurricane aid loans directly through the Small Business Administration’s official website. The application deadline for recent hurricane damage is July 11, 2025.
Local initiatives, such as the Treasure Coast Initiative, are also working diligently to support vulnerable communities in St. Lucie County during recovery.
For comprehensive information on retirement communities and active adult living in Port St. Lucie, Download our FREE guide .
Port St Lucie Talks
