ATLANTA – The U.S. Small Business Administration (SBA) is urging businesses, private nonprofit organizations, homeowners, and renters in Florida affected by severe storms, straight-line winds, and tornadoes on May 10 to apply for physical damage disaster loans before the Oct. 7 deadline.
The declaration includes Baker, Columbia, Gadsden, Hamilton, Jefferson, Liberty, Santa Rosa, and Suwannee counties in Florida.
Businesses of all sizes and private nonprofit organizations can borrow up to $2 million to repair or replace 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 assist with working capital needs caused by the disaster. This assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $500,000 are available to homeowners for repairing or replacing damaged or destroyed real estate. Homeowners and renters can also receive up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
The SBA can lend additional funds to businesses and homeowners for improvements aimed at protecting against future disasters. Approved loans may qualify for an increase of up to 20 percent of their physical damages for mitigation purposes. Eligible improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall.
Interest rates can be as low as 4% for businesses, 3.25% for private nonprofit organizations and 2.688% for homeowners and renters with terms up to 30 years. Interest does not begin accruing until 12 months from the initial disbursement date. Loan amounts and terms are determined based on each applicant’s financial condition.
For more information and online applications visit SBA.gov/disaster. Applicants may also contact SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. For those who are deaf or hard of hearing or have a speech disability, please dial 7-1-1 for telecommunications relay services.
Completed loan applications must be submitted no later than Oct. 7, 2024. The deadline for economic injury applications is May 6, 2025.
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