The U.S. Small Business Administration (SBA)’s Administrator Linda McMahon announced that the SBA will provide disaster loan assistance to Florida businesses, homeowners and renters affected by the recent Hurricane Michael, following the Presidential disaster declaration for Mexico Beach, Florida and nearby areas.
“The U.S. Small Business Administration is strongly committed to providing Florida residents with the most effective response possible to assist businesses, homeowners and renters with federal disaster loans,” states SBA Administrator McMahon. “Getting businesses and communities up and running after a disaster is our highest priority.”
The SBA offers Economic Injury Disaster Loans to provide capital assistance in times of disaster, and small businesses and nonprofits are eligible for assistance “regardless of whether the business suffered any physical property damage.” Businesses and private nonprofit organizations can borrow up to $2 million from the SBA to help with reparations of real estate, machinery and equipment, inventory and other assets.
Homeowners can receive up to $200,000 in disaster assistance to repair or replace damaged real estate, while both homeowners and renters are eligible for up to $40,000 for personal property. Interest rates are as low as 3.675 for businesses, 2.5 percent for non-profits and 2 percent for homeowners and renters, with up to 30 year terms.
Florida residents and business owners affected by Hurricane Michael should not wait to apply for disaster assistance. The filing deadline for physical property damage applications is December 10, 2018, and the deadline for economic injury applications is July 11, 2019. For more information about disaster loans and the application process, see the official press release.