South Floridians and business operators who were affected by the severe storms and flooding in June are eligible to apply for low-interest disaster loans, the U.S. Small Business Administration says.
SBA Administrator Isabel Casillas Guzman made the low-interest disaster loans available for businesses and residents in response to a letter from Florida Gov. Ron DeSantis on June 28, requesting a disaster declaration by the SBA.
“Getting businesses and communities up and running after a disaster is our highest priority at SBA,” Guzman said.
The declaration covers Miami-Dade, Broward and Palm Beach counties, as well as Collier, Hendry and Monroe counties.
“The opportunity to include measures to help prevent future damage from occurring is a significant benefit of SBA’s disaster loan program,” said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration.
From June 11-14, record rainfall hit multiple cities across Miami-Dade and Broward County. The hardest-hit city was Hallandale Beach, followed by Hollywood. The latest rainfall totals show Hallandale Beach with 19.39 inches, and Hollywood with 19.10. In North Miami, rainfall surpassed the 20-inch mark.
Businesses and private nonprofit organizations may borrow funds to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. EIDL assistance is available regardless whether the business sustained any physical property damage.
Loans of up to $500,000 are available to homeowners to repair or replace damaged real estate. Homeowners and renters are eligible for loans of up to $100,000 to repair or replace damaged personal property.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations and 2.688% for homeowners and renters, with terms of up to 30 years.
Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on the applicant’s financial condition and unique circumstance.
Even though the online application takes about 30 to 45 minutes to complete, one-on-one application assistance is available at the SBA Disaster Loan Outreach Centers in Hollywood and Miami Gardens until July 29.
Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Disaster Loan Center in advance.
The Broward County Disaster Loan Outreach Center is at the Oak Lake Community Center in Hollywood. The center is open:
— From 9 a.m. to 6 p.m. Wednesday and Friday.
— From 9 a.m. to 5:30 p.m. Thursday.
— From 10 a.m. to 2 p.m. Saturday.
“We’re very fortunate to have this level of focused assistance, particularly for our small-business community, positioned in our City,” City of Hollywood Economic Development Manager Herb Conde-Parlato said. “The Center’s central location ensures that those affected small businesses located in some of the harder hit areas to the south and west of Hollywood also have access to vital assistance.”
The Miami-Dade County Disaster Loan Outreach Center is at the North Dade Regional Library in Miami Gardens and is open Tuesday to Friday, from 9:30 a.m. to 6 p.m.; and Saturday, from 10 a.m. to 2 p.m.
Both centers close permanently at 2 p.m. Monday.
At the centers, bilingual customer service representatives are there to guide applicants through the process, “ask the right questions and make sure that if an application is not submitted correctly, corrections are made online,” according to Liliana Tschanett, public affairs specialist at the SBA Office of Disaster Recovery and Resilience.
At the center, individual applicants should be prepared to present a valid ID and any information pertinent to the loss. Businesses should bring a valid Employer Identification Number, tax registration and documents that could be signatory on the loan.
The filing deadline to submit applications for physical property damage is Aug. 30.
The deadline to submit economic injury applications is April 1, 2025.
Physical property damage includes damage to the property, business and fixed assets — anything “considered to be immediate damage for the residents,” Tschanett said.
For additional disaster assistance information visit sba.gov/disaster.
Applicants also may call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
For those who are deaf, hard of hearing, or have a speech disability, dialing 711 for telecommunication relay services is available.
