The Federal Emergency Management Agency (FEMA) has launched a $50 million loan program to help companies struggling with Hurricane Florence’s devastation.
The agency announced the loan program on Tuesday.FEMA said it was “initiating a loan program that will assist up to 75,000 individuals and families affected by the storm with their disaster assistance needs during recovery and rebuilding efforts.”
The agency said it expects to issue the loan as early as next week.
“The loan program will provide financial support to businesses that are impacted by Hurricane Matthew in order to assist with the immediate needs of those impacted by the severe weather,” FEMA said in a statement.
Fannie Mae and Freddie Mac also announced a $1.5 billion loan program.
The White House said the president is seeking $10 billion in aid to help businesses and communities affected by Hurricanes Harvey and Irma.
The U.S. Federal Emergency Services Administration (Fedsaid), a division of the Treasury Department, was set up to provide relief to federal agencies affected by disasters.
The agencies were set up in response to the 2017 storm and wildfires in the Midwest, South and Southwest, and wildfires around the world.