The SBA approves
$129 million in lowinterest disaster loans in the aftermath of Hurricane Irma.
The Small Business Administration said Tuesday that $129 million in low-interest disaster loans have been approved for Florida businesses and residents affected by Hurricane Irma in Florida, and counting.
That’s 3,466 disaster loans so far. The filing deadline to submit applications for physical property damage is Nov. 9. The deadline for economic-injury applications is June 11.
“The SBA encourages anyone who has not applied to take action right away. Our mission is to help businesses and residents rebuild and resume their normal lives as quickly as possible,” said Frank Skaggs, director of the SBA’s Field Operations Center East in Atlanta.
The announcement was welcoming news for the Director of the South Florida District Office. “The SBA’s response to Hurricane Irma survivors has been resounding,” said Francisco “Pancho” Marrero. “This is the only time our agency lends directly to consumers, so I would encourage those who were impacted to consider all their options prior to the application deadlines.”
All of the Orlando area, and the Space Coast, are included in the disaster declaration.
SBA disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters to cover uninsured losses from the disaster.
Interest rates are as low as 3.305 percent for businesses, 2.5 percent for private nonprofit organizations, and 1.75 percent for homeowners and renters. Loan terms can be up to 30 years.
Economic-injury disaster loans are also available to provide disaster-related working capital to small businesses and most private nonprofit organizations. These working-capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
To be considered for all forms of disaster aid, applicants should go to DisasterAssistance.gov to register or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362.