SBA offers disaster assistance to small businesses affected by red tide
Low-interest Economic Injury Disaster Loans from the U.S. Small Business Administration are available to Florida small businesses, small agricultural cooperatives, small aquaculture businesses and private non-profit organizations affected by the red tide algal bloom beginning Nov. 1, 2017.
SBA Administrator Linda McMahon made the loans available in response to a letter from Gov. Rick Scott on Aug. 21 requesting a disaster declaration. The declaration covers Lee, Manatee and Sarasota counties and the adjacent counties of Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Hillsborough and Polk.
“The SBA is strongly committed to providing the people of Florida with the most effective and customer-focused response possible to assist small businesses with federal Economic Injury Disaster Loans,” McMahon said. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
SBA’s customer service representatives will be available at the Business Recovery Centers to answer questions about the disaster loan program and help individuals complete their applications. In Lee County, the center is at the City/County Annex Building, at 1825 Hendry St., Fort Myers. It opened on Sept. 7 and the hours are 9 a.m. to 6 p.m. Monday through Friday and 10 a.m. to 2 p.m. on Saturday.
The filing deadline to return applications for economic injury is June 4.
“The SBA can help affected small businesses and nonprofit organizations overcome their economic losses by offering working capital loans, but the help cannot start until they submit an SBA disaster loan application to us,” South Florida Interim District Director Lynn Douthett said.
Eligible entities may qualify for loans up to $2 million. The loan rates are 3.385 percent for small businesses and 2.5 percent for non-profit organizations with terms up to 30 years. Eligibility is based on the size and type of business and its financial resources. The loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. They are not intended to replace lost sales or profits.
Applicants may apply at DisasterLoan.sba.gov using the Electronic Loan Application.
Applications and program information are available by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov.
Completed applications should be returned to a center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.