Small Business Administration
Following a storm, the Small Business Administration, also known as SBA, works to assist businesses and homeowners alike. They offer low-interest disaster loans to help business owners, non-profits and homeowners in their recovery efforts. Those loans include US SBA Business Physical Disaster Loans, US Economic Injury Disaster Loans (EIDL) and Florida Small Business Bridge Loans, which could provide a loan amount up to $2 million.
US SBA Business Physical Disaster Loans are loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
US Economic Injury Disaster Loans (EIDL) are working capital loans that help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as direct result of the disaster. These loans are intended to assist through the disaster recovery period.
Florida Small Business Emergency Bridge Loans are working capital loans intended to “bridge the gap” between the time of a major catastrophe and when a business has secured long-term recovery resources, e.g. receipt of payments on insurance claims or federal disaster assistance.
State and Federal disaster loans require that applicants have an acceptable credit history and demonstrate an ability to repay all loans. While credit score and credit history will be a factor in the credit decision, the primary factor will be the ability of the applicant to repay the loan per the loan agreement terms.
Business can get one-on-one assistance completing disaster loan applications at the business recovery center located at 625 Hwy 231, Panama City, FL 32401 or online at disasterloan.sba.gov.