ICYMI: SBA Deadline Approaching for Working Capital Loans in Florida
ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations that Feb. 28, is the filing deadline for federal working capital loans in Florida due to Hurricane Ian that occurred on Sept. 28-29, 2022.
The declaration covers the primary counties of Broward, Flagler, Highlands, Hillsborough, Indian River, Okeechobee, Palm Beach, Polk, Putnam, Saint Lucie, Seminole, and Volusia; and the adjacent countries of Alachua, Bradford, Brevard, Charlotte, Clay, Collier, DeSoto, Glades, Hardee, Hendry, Lake, Manatee, Marion, Martin, Miami-Dade, Orange, Osceola, Pasco, Pinellas, Saint Johns, and Sumter in Florida.
Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
The loan amount can be up to $2 million with interest rates of 3.04% for small businesses and 1.875% for private nonprofit organizations, 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, account 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.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
Submit completed loan applications to SBA no later than Feb. 28, 2024.
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Updated: Wednesday, February 28, 2024
