WASHINGTON, D.C. – U.S. Rep. Kathy Castor (FL-14) introduced new legislation to lower the cost of rebuilding for homeowners and small business owners after hurricanes and other disasters. The Rebuild & Save Act would help homeowners and small business owners tap into larger Small Business Administration (SBA) low-interest loans to cover the cost of resilient reconstruction. 

Currently, SBA’s popular low-interest disaster loans for homeowners and small businesses can be increased by 20 percent to help mitigate future disasters. For example, a homeowner can use 20 percent of the base loan amount to make building upgrades like installing stronger windows or elevating structures.

The Rebuild & Save Act would increase the mitigation assistance cap from 20 percent to 30 percent, providing homeowners and small businesses greater access to low-interest, flexible financing in the wake of natural disasters. That could mean up to an additional $50,000 to homeowners for improvements that help protect against flood or wind damage and more for small businesses.  

"Families across the Tampa Bay area who are rebuilding or replacing their homes due to hurricanes and floods need more resources to rebuild in a stronger and smarter way – and to avoid costly damage in the future,” said Rep. Castor. "After visiting with Tampa Bay neighbors following Hurricanes Debby, Helene and Milton, it is clear that more resources are needed to help families rebuild in a more resilient way. I want to help homeowners while saving taxpayer dollars in the long run by reducing repetitive losses. Every $1 invested in mitigation saves $6 in future disaster recovery costs. Raising the cap will empower families and small businesses to rebuild better, decreasing future dependence on emergency relief.”

Castor continued, “The Rebuild & Save Act is the direct result of on-the-ground feedback I heard from my neighbors while responding to the monster storms. This common-sense legislation will make families and businesses stronger in the face of future disasters. I urge my colleagues in Congress to support this critical legislation and ensure our communities have the resources they need to rebuild and be prepared.”

The full text of the Rebuild & Save Act is available here.

Learn more about what the mitigation assistance funding can be used for here.

“As a small business owner in Tampa, I am no stranger to the challenges of getting your business up and running successfully, but the impact of the more extreme storms in the Tampa Bay area brings additional hardships,” said Jose Palau, Owner of the Flan Factory. “As an SBA loan recipient, I know this bill would bring more breathing room to small business owners, who directly boost our local economy. It should not be unaffordable to build back resiliently after a hurricane; otherwise, communities like the Tampa Bay area will lose the benefits small businesses bring to our neighbors. I am grateful Congresswoman Castor is a champion for a local economy built on the foundation of small businesses.”

Mr. Palau hosted former SBA Administrator Isabel Casillas Guzman and Rep. Castor following Hurricanes Debby, Helene and Milton to discuss the role SBA plays in disaster recovery and assistance. Photos of the visit can be found here.

“As a homeowner and a real estate professional in St. Petersburg, I know how important it is to have a home you love in a location you love, but sometimes those locations come with risks,” said Courtney Stein, Vice President of Riviera Bay Neighborhood Association. “Our home was flooded in both Hurricane Idalia and Helene, which has been immensely stressful both emotionally and financially, and our story is unfortunately not unique. I heard from countless neighbors and homeowners about the need to increase the Small Business Administration’s loan percentages to effectively build back. Thanks to Congresswoman Castor’s prioritization of Tampa Bay neighbors’ recovery, this legislation will help families working towards rebuilding their homes obtain more affordable funding so they are better protected from future storms. Families should be able to enjoy all the beauty Tampa Bay area has to offer without risking their safety, their salaries, and their stability.”

“An SBA loan is more than just financial support; it’s a lifeline for a small business like ours. They allow us to thrive and create jobs while getting access to affordable capital. Loans like these really help fuel the growth that drives our local economy,” said Tony Loeffler, Owner of Atlas Body & Home and Board Member of the St. Petersburg Downtown Business Association.

“Supporting small business is fundamental to the strengthening of our economy, especially following a disaster when having the right financial resources is crucial for not only the businesses’ recovery but the recovery of all community members who depend on their products and services,” said Christopher Hackney, President of the SBA Lending Division at BayFirst National Bank. “As a community bank serving Tampa communities that were located in the direct paths of two hurricanes in 2024, we understand how important it is for impacted Florida homeowners and small businesses to have access to low-interest loans from trusted lenders, as well as access to additional funding to ensure greater resilience in the future.”

The bill’s focus on increasing federal support for disaster-impacted homeowners and small businesses comes at a crucial time as extreme weather events become more frequent and severe. The legislation will help prevent repeated losses and reduce long-term recovery costs for families and for the economy.

As of February 19^th, the SBA has made 16,84 5 low-interest disaster loan offers to individuals, families and small businesses who were impacted by Hurricanes Debby, Helene, and Milton for a total of over $1.3 billion. Find more information on SBA loan data here.