The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for small businesses, private nonprofits, and residents in Florida affected by severe storms and tornadoes on June 25. The SBA issued a disaster declaration following a request from Governor Ron DeSantis on July 7.
The disaster declaration applies to Pinellas County and neighboring Hillsborough and Pasco counties, making them eligible for physical damage loans and Economic Injury Disaster Loans (EIDLs).
Small businesses and private nonprofits can apply for business physical disaster loans up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory, and other assets. Homeowners may apply for personal property loans up to $100,000 or up to $500,000 for primary residence repairs.
Applicants might qualify for a loan increase of up to 20% of their physical damage amount for mitigation purposes. “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings from the Office of Disaster Recovery and Resilience at the SBA.
The EIDL program supports small businesses, agricultural cooperatives, and private nonprofits with financial losses due to the disaster. These loans cover working capital needs even if there is no physical damage.
Interest rates are as low as 4% for small businesses, 3.625% for PNPs, and 2.813% for homeowners and renters with terms extending up to 30 years. Payments are deferred until 12 months after the first disbursement.
Starting July 10, SBA representatives will be available at the Disaster Loan Outreach Center in Pinellas County’s Largo Public Library to assist with applications until its closure on July 28.
Survivors should not wait for insurance settlements before applying; they can apply online at sba.gov/disaster or contact SBA’s Customer Service Center.
Deadlines: Physical property damage applications are due by Sept. 8, 2025; economic injury applications by April 8, 2026.
