Small Business Administration says it is out of funding for disaster loans [Video]

WILMINGTON, N.C. (WECT) – One of the organizations recently authorized to help homeowners and business owners financially recover from Potential Tropical Cyclone 8 has run out of funding.

A spokesperson for the Small Business Administration (SBA) said they received their normal amount of funding this year, but the damage from Hurricane Helene in the western part of the state was so widespread and so unexpected that their budget has run out. More than 6,000 people applied for a loan from SBA.

“We have released information that our SBA funding has run out and that is due to the impact of Helene,” spokesperson Donika Farnham said. “You know, our funding is reserved at the beginning of the fiscal year, and Helene has hit six states, very broadly. Our resources have been spread thin. We are unable to disperse any funds which is unfortunate because there are people on the ground that …