The U.S. Small Business Administration is offering disaster loans for businesses and residents in Florida impacted by Hurricane Helene.
These loans are meant to help business owners, non-profits, homeowners, and renters with restoring damaged property, according to SBA.
Recommended Videos
“SBA’s mission-driven team stands ready to help small businesses and residents in Florida impacted by this disaster in every way possible under President Biden’s disaster declaration for certain affected areas,” said SBA Administrator Isabel Casillas Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Disaster loans up to $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property.
Eligible counties
The disaster declaration covers Charlotte, Citrus, Dixie, Franklin, Hernando, Hillsborough, Jefferson, Lafayette, Lee, Levy, Madison, Manatee, Pasco, Pinellas, Sarasota, Taylor and Wakulla counties which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.
Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Alachua, Collier, DeSoto, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Highlands, Leon, Liberty, Marion, Polk, Sumter and Suwannee in Florida and Brooks, Lowndes and Thomas in Georgia.
Credit requirements and how to apply
Credit requirements for these loans are to have an acceptable credit history for SBA and to display the ability to repay all loans.
According to SBA, interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.813% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement.
In addition, restrictions on loan eligibility include uninsured losses, ineligible property, and a history of noncompliance.
If a loan application is approved, eligibility for additional funds aimed at improving the protection of property against future disasters may be awarded. An SBA loan may also be used to help relocate awarded applicants.
The application filing deadline for physical damage is on Nov. 27, 2024, and the deadline for economic injury is on Jun. 30, 2025.
Those impacted by Hurricanes Helene and Debby should submit separate applications for each disaster. For information and to apply online visit sba.gov/disaster.