Florida businesses and residents affected by severe storms and flooding from June 11-14 can now apply for low-interest disaster loans, the U.S. Small Business Administration (SBA) announced today. SBA Administrator Isabel Casillas Guzman made the loans available following a request from Florida Governor Ron DeSantis on June 28 for a disaster declaration.
The declaration covers Broward and Miami-Dade counties, as well as the adjacent counties of Collier, Hendry, Monroe, and Palm Beach in Florida.
“The SBA is strongly committed to providing the people of Florida with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners, and renters with federal disaster loans,” said Guzman. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
To assist with loan applications, three Disaster Loan Outreach Centers (DLOCs) will open at specified locations in Broward County and Miami-Dade County. Walk-ins are accepted, but appointments can be scheduled in advance. The DLOCs' hours of operation vary by location.
Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory, and other business assets. The SBA also offers Economic Injury Disaster Loans (EIDLs) to small businesses, agricultural cooperatives engaged in aquaculture, and most private nonprofits to meet working capital needs caused by the disaster.
Homeowners can receive loans up to $500,000 for repairing or replacing damaged real estate. Homeowners and renters are eligible for loans up to $100,000 for personal property repairs or replacements.
Applicants may qualify for a loan increase of up to 20 percent of their physical damages for mitigation purposes. Eligible improvements include safe rooms or storm shelters, sump pumps, French drains or retaining walls.
“The opportunity to include measures to help prevent future damage from occurring is a significant benefit of SBA’s disaster loan program," said Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. "I encourage everyone to consult their contractors and emergency management mitigation specialists for ideas."
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.688% for homeowners and renters. Terms extend up to 30 years with no interest accruing or payments due until 12 months after initial disbursement.
For additional information or online application submissions visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955. Deaf or hard-of-hearing individuals can dial 7-1-1 for telecommunications relay services.
The deadline for physical property damage applications is August 30, 2024. The deadline for economic injury applications is April 1, 2025.