SBA economic injury disaster loans available in Florida following violent attack and related investigation
WASHINGTON - The U.S. Small Business Administration recently announced that federal economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of all sizes located in Florida as a result of the violent attack and related investigation beginning June 12, 2016 and continuing.
The disaster declaration includes Orange County, and the contiguous counties of Brevard, Lake, Osceola, Polk, Seminole and Volusia in Florida.
“The SBA remains at the forefront in the long-term recovery efforts of communities hit by disasters,” said Francisco “Pancho” A. Marrero, SBA South Florida District Director. “We provide federal economic injury disaster loans that can make the difference between staying in business and being wiped out. I recommend all small businesses that have suffered economic injury losses as a result of the June 12 incident to start applying today.”
The loan amount can be up to $2 million with a maximum interest rate upon to 4 percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. 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. The loans are not intended to replace lost sales or profits.
All applicants must meet certain criteria to qualify:
- Must have a credit history acceptable to the SBA
- Must show the ability to repay the loan
- Produce collateral for the economic incident injury loan totaling more than $25,000 which can be in the form of real estate, when available. Although, the SBA will not decline a loan for lack of collateral; however, the borrower must pledge collateral that is available.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website athttps://disasterloan.sba.gov/ela.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to email@example.com. Loan applications can be downloaded from www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Completed loan applications must be returned to SBA no later than March 23, 2017.
For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.