Loan program may aid businesses

Sawgrass Mills hit hard by flooding

For Broward County small businesses still wading through the ill-effects of this month’s flooding, local and state governments are offering an avenue toward financial assistance.

According to the Broward County Emergency Management Division, local officials are working with the Florida Department of Economic Opportunity to determine whether local enterprises would be eligible to receive financial aid from the federal Small Business Administration’s Economic Injury Disaster Loan program.

Earlier this month, South Florida was hit by a low pressure system that drenched the region, forcing some businesses to temporarily close their doors. The Sawgrass Mills mall in Sunrise was hit particularly hard as the popular retail and tourist attraction was forced to shut down for three days after 15 inches of rain overwhelmed its drainage systems and parking lots.

Miguel Ascarrunz, a director with the county emergency management division, said the aid effort is primarily focused on helping businesses at Sawgrass Mills.

Mall representatives said they were unable to disclose the cost of damages incurred during the storm.

Businesses can borrow up to $2 million. Payable over a maximum term of 30 years and capped at a four percent interest rate, the loans are intended to help businesses cover operating expenses and financial obligations that otherwise could have been paid had the disaster not occurred.

Government officials are encouraging Broward-based businesses to complete a damage assessment survey by Tuesday. According to Ascarrunz, businesses do not have to demonstrate threshold levels of damage to qualify for aid from the Small Business Administration.

“It’s available in any declared, or even undeclared, disaster,” Ascarrunz said.

If five or more businesses submit a completed survey, the Florida Department of Economic Opportunity will coordinate with the SBA to determine whether loans should be distributed.

Economic injury disaster loans are only available to small businesses that the SBA determines could not have received credit elsewhere.