The Small Business Administration has spent all funds for its disaster loan program.
COCKE COUNTY, Tenn. — The Small Business Administration announced Wednesday that disaster loans were paused. The administration had warned that funds would run out as demand increased following Hurricane Helene.
The SBA’s website said they must wait until Congress is back in session to approve more funding. This means small business owners affected by Helene have to wait for their loans to be approved.
The owners of Snowbird Mountain Coffee Company, Corey and Melissa Ackerman, can’t afford to wait. While they were able to reopen their business quickly, their ice cream shop across the street will remain closed.
“That business took so much more damage than we did over here,” Melissa said. “And we have no assistance. We have no help with that and it’s sitting in a shell across the street because we don’t have any way of getting it back open …