Starting Tuesday, July 9, 2024, businesses and residents affected by the severe storms and flooding that occurred between June 11 – 14, 2024 are eligible to apply for low-interest disaster loans from the U.S. Small Business Administration (SBA).
“We want to make sure all our residents that were affected by the recent events are able to get the resources they need to fix their properties and protect them from future events,” said Mayor Daniella Levine Cava. “As our community faces the growing challenges of climate change, we must make sure that our homes and our infrastructure are resilient and future-ready.”
After the flooding, Miami-Dade County’s Department of Emergency Management (DEM) activated a damage assessment survey tool to help businesses and individuals document the extent and type of damage sustained in their properties. The survey collected over 200 responses, which helped the County meet the requirements needed to bring the support of the Small Business Administration and offer assistance. Survey respondents and other property owners affected by the flooding event will need to apply for assistance directly.
Deadline:
- The filing deadline to return applications for physical property damage is Aug. 30, 2024.
- The deadline to return economic injury applications is April 1, 2025.
Where to apply:
- In person at the Disaster Loan Outreach Center Locations: To assist the businesses and residents affected by the severe storms and flooding, the SBA -in coordination with Miami-Dade County- is opening two Disaster Loan Outreach Centers (DLOCs) at the locations listed below that will only be open for 1-2 weeks for immediate assistance. SBA staff will be available at the DLOCs to answer questions regarding the disaster loan program and assist businesses and residents complete their disaster loan application, accept documents, and provide updates on an application’s status.
- Northeast Dade Aventura Branch Library: 2930 NE 199th Street, Aventura, Florida 33180
- Opening: Tuesday, July 9, 11:30 a.m. to 6 p.m.
- Operating Hours: Wednesday – Friday: 9:30 a.m. – 6 p.m. and Saturday: 10 a.m. – 2 p.m. Closed: Sunday
- Closes Permanently: Saturday, July 13 at 2 p.m.
- North Dade Regional Library, 2455 NW 183rd Street, Miami Gardens, FL 33056
- Opening: Monday, July 15, 11:30 a.m. to 6 p.m.
- Operating Hours: Tuesday – Friday: 9:30 a.m. – 6 p.m. and Saturday: 10 a.m. – 2 p.m. Closed: Sunday
- Closes Permanently: Saturday, July 20 at 2 p.m.
Walk-ins are accepted, and in-person appointments at an SBA Disaster Loan Center can also be scheduled online in advance.
- Online: To apply online and receive additional disaster assistance information visit sba.gov/disaster.
- Via phone: Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
Details
Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
Loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $100,000 to repair or replace damaged or destroyed personal property.
Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
