SBA Offers Disaster Assistance to Small Businesses in FL
Published on December 17, 2019
Was your business affected by Hurricane Dorian? Low-interest Economic Injury Disaster (EIDLs) from the U.S. Small Business Administration (SBA) are now available to those Florida small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations that were affected by Hurricane Dorian from August 28 – September 9, 2019.
Eligible entities may qualify for loans up to $2 million. The SBA offers economic injury loans to help meet working capital needs caused by Hurricane Dorian. Eligible small businesses include, but are not limited to, commercial fishermen, charter boats, hotels, restaurants, retailers, wholesalers and manufacturers.
The rates on these working capital loans are 4 percent for small businesses and 2.75 percent for nonprofit organizations, with terms of up to 30 years. Loan eligibility is based on the size and type of business. The loans are not intended to replace lost sales or profits. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DiasterLoan.sba.gov. Businesses and individuals may also obtain more information by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing) or by emailing email@example.com.
The deadline to return economic injury applications is Thursday, August 13, 2020.