SBA loans over $100 Million in Florida

SBA approves over $100 Million disaster loans in Florida

The U.S. Small Business Administration (SBA) announced that over $100 million in low-interest disaster loans have been approved for Florida businesses and residents affected by Hurricane Irma.

Take action right away 

“Currently, 3,466 disaster loans have been approved in the amount of $129,290,900 for affected survivors.  The SBA encourages anyone who has not applied to take action right away.  Our mission is to help businesses and residents rebuild and resume their normal lives as quickly as possible,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

Resounding response

The announcement was welcoming news for the Director of the South Florida District Office. “The SBA’s response to Hurricane Irma survivors has been resounding,” said Francisco “Pancho” Marrero. “This is the only time our agency lends directly to consumers, so I would encourage those who were impacted to consider all their options prior to the application deadlines.”

 Filing deadline

The filing deadline to submit applications for physical property damage is Nov. 9, 2017. The deadline for economic injury applications is June 11, 2018.

The disaster declaration covers a wide swath of Florida counties, including: Broward, Miami-Dade, Monroe, Palm Beach and, Saint Lucie which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.

Disaster loans

SBA disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters to cover uninsured losses from the disaster.  Interest rates are as low as 3.305 percent for businesses, 2.5 percent for private nonprofit organizations, and 1.75 percent for homeowners and renters.  Loan terms can be up to 30 years.

Economic injury loans

Economic injury disaster loans are also available to provide disaster related working capital to small businesses and most private nonprofit organizations.  These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

To be considered for all forms of disaster assistance, applicants should register online at www.DisasterAssistance.gov or download the FEMA mobile app.  If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362.

For more on SBA disaster loan assistance in Florida, click the link: Two Additional Business Recovery Centers in Florida

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