SBA Expands Hurricane Irma Small Business Loan Program
The U.S. Small Business Administration‘s Hurricane Irma disaster declaration has expanded to cover more Florida counties.
The result: More Florida businesses and private nonprofit organizations of any size can borrow up to $2 million to repair or replace real estate, machinery, equipment, inventory, and other business assets that Irma damaged or destroyed, the SBA said. The list of covered counties as of Sept. 12, 2017 is here.
The expanded SBA program along with a separate Florida Small Business Emergency Bridge Loan Program arrive at a critical time. Many of Florida’s small businesses and the MSPs who serve them could face cash flow and other financial challenges in the weeks ahead, especially since thousands of small businesses stick lack basic infrastructure services like power and/or broadband.
The SBA efforts extend beyond businesses. Homeowners can apply for disaster loans ranging up to $200,000 to repair or replace real estate that Irma damaged or destroyed. Also, homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property, the SBA said.
For the SBA loans, interest rates are as low as 3.305 percent for businesses and 2.5 percent for nonprofit organizations, 1.75 percent for homeowners and renters with terms up to 30 years. tThe SBA sets actual loan amounts and terms based on each applicant’s financial condition.
The SBA’s Electronic Loan Application (ELA) is here. For more info, email the SBA here: [email protected].