Florida for Small Business: The SBA Disaster Loan was activated

IMPORTANT INFORMATION FOR SMALL BUSINESS

The SBA Disaster Loan was just activated in Florida. This is completely different than the SBDC Bridge Loan (that’s the one used during Red Tide).

Please read the information and terms on this program. Share with other business owners.

The SBA provides targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19).

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

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. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.

Loans have long-term repayments in order to keep payments affordable, up to a maximum of 30 years.

Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

For additional information, please contact the SBA Disaster Assistance Customer Service Center: 1-800-659-2955 (TTY: 1-800-877-8339) or disastercustomerservice@sba.gov.

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