MIAMI – On Wednesday March 18, the U.S. Small Business Administration announced that small businesses located in the State of Florida adversely impacted by COVID-19 can now apply for disaster loans.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA is offering Economic Injury Disaster Loans to help meet working capital needs caused by the Coronavirus
All 67 Florida counties are included in the disaster declaration for Coronavirus.
“I am encouraging all small businesses located in Florida to visit the SBA Disaster Assistance website and submit your application today,” said SBA South Florida District Director Victoria Guerrero. “While there, you will find information on how to contact our customer service team who can answer any disaster-related application questions. You can also reach out to one of our many resource partners for application assistance.”
SBA Resource Partners information can be obtained on the SBA website at www.sba.gov/local-assistance/find/.
SBA Economic Injury Disaster Loans offer up to $2 million in economic assistance to help small businesses overcome the temporary loss of revenue resulting from the disaster. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
Interest rates offered are as low as 3.75 percent for businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
Loan amounts are set by the SBA and based on each applicant’s financial condition. Repayment terms are up to 30 years.
To apply, visit the SBA Disaster website at https://disasterloan.sba.gov/ela/.
