SBA Opens Low-Interest Disaster Loans for Florida Areas Hit by Hurricane Isaias: Businesses Eligible for Up to $2 Million, Pensacola Recovery Center Open
The U.S. Small Business Administration (SBA) announced that, in response to a presidential disaster declaration issued October 27, low-interest disaster loans are now available to Florida businesses, private nonprofit organizations and residents affected by Hurricane Isaias, which occurred October 6 through 12.
The declaration covers the Florida counties of Bay, Escambia, Holmes, Gulf, Okaloosa, Santa Rosa, Walton and Washington, which are eligible for both physical damage loans and Economic Injury Disaster Loans (EIDLs). Small businesses and most private nonprofits in the adjacent Florida counties of Calhoun, Franklin, Jackson and Liberty, and the Alabama counties of Baldwin, Covington, Escambia and Geneva, are eligible to apply for EIDLs only.
Businesses and nonprofits may borrow up to $2 million under business physical disaster loans to repair or replace disaster-damaged real estate, machinery and equipment, inventory and other business assets. Homeowners may borrow up to $500,000 to repair or replace a primary residence, and homeowners and renters may borrow up to $100,000 to replace personal property such as clothing, furniture, cars and appliances. Applicants may also be eligible for a loan increase of up to 20 percent of their verified physical damage for mitigation improvements, such as strengthening structures against high winds, upgrading to wind-rated garage doors, or installing a safe room or storm shelter.
Interest rates are as low as 4 percent for businesses, 3.625 percent for private nonprofits and 3 percent for homeowners and renters, with terms up to 30 years; interest does not accrue and payments are not due until 12 months from the first disbursement. EIDLs are available to eligible small businesses, small agricultural cooperatives and private nonprofits, including faith-based organizations, that suffered financial losses from the disaster, even without physical damage, and can be used to pay fixed debts, payroll, accounts payable and other bills that could not be paid because of the disaster. The SBA cannot provide disaster loans to agricultural producers, farmers or ranchers, except for aquaculture enterprises.
"Through a presidential declaration, SBA provides financial assistance to help communities recover," said Chris Stallings, Associate Administrator of the SBA's Office of Disaster Recovery. "We offer disaster loans to homeowners, renters, businesses, and private nonprofits affected by the disaster."
SBA customer service representatives are available at the Business Recovery Center in Escambia County, at the Ferry Pass Community Center, 8800 N. 9th Ave, Pensacola, Florida, which opened at 10 a.m. on Tuesday, November 3, with hours of Monday through Friday, 8 a.m. to 5 p.m., and Saturday, 10 a.m. to 2 p.m.; walk-ins are welcome and appointments can be scheduled in advance. The center closes permanently at 5 p.m. on December 28. A Registration Assistance Point staffed to help individuals applying for FEMA Individual Assistance will also open at the same location at 8 a.m. on Thursday, November 5. The filing deadline for physical property damage applications is December 28, and the deadline for economic injury applications is July 27, 2027. Applicants may also apply online. (Source: U.S. Small Business Administration)
Source: U.S. Small Business Administration
Published by GSM · USA (original Chinese edition)
Photo: 图：小企业局（SBA）设在灾区的业务恢复中心外景（资料图），SBA为飓风Isaias佛州灾区开放低息灾难贷款。FEMA 摄，公共领域，经 Wikimedia Commons。 / Photo: An SBA Business Recovery Center in a disaster area (file photo). The SBA has opened low-interest disaster loans for Florida areas hit by Hurricane Isaias. By FEMA, public domain, via Wikimedia Commons.
