[September 21, 2018]
The U.S. Small Business Administration (SBA) has issued a disaster declaration for Florida counties adversely impacted by red tide. This declaration means that businesses and other eligible organizations in the impacted areas are eligible to apply for SBA economic injury disaster loan assistance. On Sept. 4, the following counties were determined to be eligible for an SBA loan:
On Sept. 20, the SBA amended the declaration to include two additional counties:
How SBA loans help:
These loans are intended to assist small businesses through the recovery period by loaning them up to $2 million. The interest rates are set by law and fixed for the life of the loan, but the maximum interest rate for this program is 3.385 percent. If your business is a major employer, SBA can waive the $2 million limit.
Credit Requirements for SBA loans:
Applicants must have a credit history acceptable to the SBA as well as the ability to repay the loan. Collateral is required for all economic impact disaster loans over $25,000, and real estate may be used as collateral. SBA will not decline a loan for lack of collateral, but it will require businesses to pledge collateral that is available.
Apply for an SBA loan:
If you are in the disaster area and have been negatively impacted by the red tide, you can apply for an SBA loan online here. For more information, contact SBA’s Disaster Assistance Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org.
For a full list of algae-related information and resources, please visit FRLA’s algae page.