The Broward Emergency Management Division is coordinating with the Florida Department of Economic Opportunity to assess financial assistance eligibility for small businesses in the County that have suffered economic loss due to the heavy rainfall and flooding earlier this month.
Small businesses, particularly those at Sawgrass Mills Mall in the City of Sunrise, that have lost business as a result of the heavy rainfall and flooding between June 3-10, 2017 may be eligible for the SBA’s Economic Injury Disaster Loan Program.
“We’re asking small businesses in Broward County to complete and submit a business damage assessment survey byJune 27, 2017 to ensure funding will be made available,” said Miguel Ascarrunz, Director of Broward County’s Emergency Management Division. “If we don’t get at least five applications, the SBA will not consider any loans for Broward County.”
An Economic Injury Disaster Loan can help small businesses meet necessary financial obligations that the business could have met had the heavy rainfall and flooding not occurred. The Loan provides damage relief from economic injury caused directly by heavy rainfall and permits the business to maintain a reasonable working capital position.
The SBA provides Economic Injury Disaster Loans only to those businesses determined as unable to obtain credit elsewhere. The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. The loan amount will be based on a company’s actual economic injury and financial needs, regardless of whether the business suffered any property damage. The interest rate on Economic Injury Disaster Loans cannot exceed four percent per year. The term of these loans cannot exceed 30 years. The repayment term will be determined by your ability to repay the loan.
For more information, call the Broward Emergency Management Division at 954-831-3900.
