WASHINGTON – The U.S. Small Business Administration announced that federal economic injury disaster (EID) loans are available to small businesses, small agricultural cooperatives, and most private nonprofit organizations of all sizes located in Florida as a result of droughts sustained on or after May 2, 2017.
In accordance with the recently released Secretary of Agriculture’s designation, the following counties are qualified for EID loan assistance:
· Primary Counties: Charlotte, Desoto, Glades, Hardee, Highlands, Okeechobee, Osceola, and Polk.
· Contiguous Counties: Brevard, Hendry, Hillsborough, Indian River, Lake, Lee, Manatee, Martin, Orange, Palm Beach, Pasco, Saint Lucie, Sarasota, and Sumter.
“If your business has experienced any significant delays in normal operations due to the ongoing droughts, I would encourage you to apply for SBA loan assistance,” said South Florida District Director Francisco “Pancho” Marrero.
SBA Economic Injury Disaster loan amounts can be up to $2 million with a maximum interest rate up to 3.215 percent for small businesses and small agricultural co-ops; and 2.50 percent from non-profit organizations, with terms up to 30 years for applicants without credit available elsewhere. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources.
To qualify, all applicants must meet certain criteria:
· 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.
EID loan applications must be returned to SBA no later than January 10, 2018.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://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.
For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.