The Florida Department of Economic Opportunity announced that financial assistance is now available to small businesses and nonprofits in declared disaster areas after the tragic collapse of the oceanfront condo building in Surfside..
The funds are available through the U.S. Small Business Administration in the form of low-interest Business Physical Disaster Loans, Economic Injury Disaster Loans and Home Disaster Loans. The financial assistance is open to eligible business owners and homeowners in Miami-Dade, Broward, Collier and Monroe counties. Here are the details:
Business Physical Disaster Loans provide assistance to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. These loans are available to businesses of any size. Private, nonprofit organizations such as charities, churches and private universities are also eligible.
Economic Injury Disaster Loans provide working capital loans to help businesses meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are geared toward small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of all sizes.
Economic Injury Disaster Loans and Business Physical Disaster Loans can be up to $2 million with interest rates of 2% for private nonprofit organizations of all sizes and 2.9% for small businesses, with terms up to 30 years. A business may qualify for both an Economic Injury Disaster Loan and a Business Physical Disaster Loan.
Applicants may submit applications for any of the above loans online using the Electronic Loan Application (ELA) through the SBA’s secure website at DisasterLoan.SBA.gov.
“Thanks to Governor DeSantis’ swift action, additional resources are now available for businesses and citizens impacted by the Surfside condo collapse,” Dane Eagle, secretary of the Florida Department of Economic Opportunity, said in a statement. “Our thoughts and prayers are with the Floridians, visitors, and businesses affected by this terrible event. Our team has been on the ground since day one and will continue to provide proactive outreach to help businesses and individuals in the Surfside community recover.”