Prosper Funding Group’s Post

Four weeks post Helene. Zero interest loans are percolating and the State has passed a second (larger) aid bill. We are starting to get a glimpse of what the many months and years of recovery will look like. Slow. We are winding down our EOC. We are consolidating official points of distribution. NFIP inspections continue. We are wading through insurance and FEMA processes public facilities and infrastructure, gutting what we must and figuring out what may need to be demolished. Slow. Debris removal is more complicated than anyone wants to hear. Slow. We do not have potable water. Slow. The traffic in town is - you guessed it. Slow. Temporary office buildings somewhere in the resource request abyss. Slow. The sprint is over and we are at the starting line of the marathon. I have not found my stride. Maybe next week. #helene #localgov #localgovernment #wnc #nc

SBA Resources for Helene Recovery Webinar (October 2024) Experts from the SBA will provide an update on resources and how you can access them now in a complimentary webinar this Thursday, Oct. 10 at 11 a.m.   Every business (any size) within the declared areas, private nonprofit organization, or resident affected by Helene can apply online or at the opened Business Recovery Centers (BRC’s) managed by SBA or Disaster Recovery Centers (DRC’s) managed by FEMA. A full list of counties in the declared areas is at the bottom of this email.   It’s helpful to start this process immediately. You do not have to wait for insurance coverage determinations or claims denials to apply for SBA programs. The application filing deadline for physical damage is Wednesday, Nov. 27 and economic injury is Monday, June 30. The disaster declaration covers Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Clay, Cleveland, Gaston, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Transylvania, Watauga, Wilkes and Yancey counties and The Eastern Band of the Cherokee Indians in North Carolina which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.    Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Cherokee, Graham, Iredell, Mecklenburg, Surry, Swain and Yadkin in North Carolina; Rabun, Towns and Union in Georgia; Cherokee, Greenville, Oconee, Pickens, Spartanburg and York in South Carolina; Carter, Cocke, Greene, Johnson, Sevier, and Unicoi in Tennessee; and Grayson in Virginia. To register visit: https://lnkd.in/e82e9bX4

To everyone on the Gulf Coast of Florida, especially in the 239 and 941 coasts - TAKE SHELTER AND BE SAFE! If your business suffers from physical or financial damage, the SBA will be providing Disaster Loan Funding via their Website at: https://lnkd.in/e7CaxkcX Have questions? Send me a message. Could you use an SBA loan for working capital (that is not disaster related)?? LET'S TALK. PROGRAM 1: We offer the FASTEST SBA in the market, called the Microloan (up to $50k), which funds in 10 business days from the day you submit your documents! Credit must be over 640. PROGRAM 2: I have an SBA loan that goes up to $150,000, using 30% of your top line revenue (on your most recent filed tax return). Losses reported? Might still be OK for us! Credit must be over 700. I'll be online as weather (and connection) permits! #swfl #milton #sba #funding #disasterfunding #workingcapital PLEASE BE AWARE THAT: There is NO cost to ANY DISASTER LOAN RELATED funding, because the SBA offers the FULL PROCESS ONLINE DIRECTLY for FREE. Please use the link above to access that type of funding. BUT... I can answer ANY questions that I know the answer (or can get the answer to through my network of SBA professionals)!

Regardless of which party controls Congress and the Presidency next week- there are major items Congress needs to address when they return – Here are a few: Funding: The latest stopgap funding bill to keep the govt open runs out on December 20th. FEMA: While FEMA has indicated that it has sufficient resources to respond to hurricanes Milton and Helene – most of the funding is gone. Florida representatives and senators have introduced legislation seeking $15-$20 billion for further disaster aid. Disaster Loans/Small Business Administration: The SBA’s disaster loan program has exhausted its funds and Speaker Johnson has indicated funds will be replenished after Congress returns. He has asked the Biden Administration for an accurate assessment of $$ needed. Veterans Affairs: The VA has warned of a potential FY25 shortfall and has asked Congress for $12 billion in additional funding for medical care – due to increased enrollment and benefits.

Regardless of which party controls Congress and the Presidency next week- there are major items Congress needs to address when they return – Here are a few: Funding: The latest stopgap funding bill to keep the govt open runs out on December 20th. FEMA: While FEMA has indicated that it has sufficient resources to respond to hurricanes Milton and Helene – most of the funding is gone. Florida representatives and senators have introduced legislation seeking $15-$20 billion for further disaster aid. Disaster Loans/Small Business Administration: The SBA’s disaster loan program has exhausted its funds and Speaker Johnson has indicated funds will be replenished after Congress returns. He has asked the Biden Administration for an accurate assessment of $$ needed. Veterans Affairs: The VA has warned of a potential FY25 shortfall and has asked Congress for $12 billion in additional funding for medical care – due to increased enrollment and benefits.

Small businesses impacted by lack of snow may be eligible for federal funding. Due to U.S. Small Business Administration declarations related to existing drought designations, businesses in 42 counties may be eligible for emergency loans that offset their business losses if the loss is related to the snow drought. https://bit.ly/3ToE0Rv

Interesting SBA Developments...

Federal Disaster Loans Available for New Mexico Businesses & Residents In response to recent disasters in New Mexico, including wildfires and historic flooding, the U.S. Small Business Administration (SBA) is offering crucial financial assistance for recovery. 📝 Business Owners: Loans up to $2 million for physical damage & economic injury. Interest rates as low as 4% and terms up to 30 years. Generous grace period for loan applications. 🏠 Homeowners/Renters: Loans up to $500,000 for property replacement. Up to $100,000 to replace personal property. SBA loans provide critical support for rebuilding efforts. The deadline for Roswell physical damage loan applications is Dec 31, with economic injury loans due by Aug 1, 2025. To apply or learn more, visit sba.gov/disaster. #SBA #DisasterRecovery #BusinessLoans #HomeownerRelief #EconomicRecovery #NewMexico https://lnkd.in/gQA9_XBh https://lnkd.in/gV-ju7ZM

Two of the country’s seven water boards are on the brink of bankruptcy due to massive municipal debts. The issue stems from water boards, like Vaal Central Water, being funded solely by municipal payments for water services rather than by the national government. The Department of Water and Sanitation has told the National Treasury to withhold R500 million in grants from municipalities with massive unpaid debts. A similar situation led to the bankruptcy of Sedibeng Water, whose responsibilities were later divided between Magalies Water and Vaal Central Water – both now in financial distress. WaterCAN has proposed two key solutions. First, they recommend ringfencing funds specifically for water and sanitation to ensure these critical services are prioritised. Second, they advocated for bypassing municipalities that fail to pay their water boards by directing grants or funds straight to the boards. However, legal barriers prevent the Treasury from allocating the equitable share grant directly to water boards. https://lnkd.in/drKndPuC

Has your business been impacted by this year’s lack of snow? ❄️ You can apply for an Economic Injury Disaster Loan (EIDL) under the Small Business Administration using an existing declaration for drought. The LSCP is working to compile resources available on this topic but sharing a helpful news article now for those able to move quickly. https://lnkd.in/gHpfdP33