Federal Disaster Loan Assistance Available to Help Small Businesses Economically Impacted by Hurricane Dorian

Florida SBDC Network Stands Ready to Help Businesses Apply

Florida SBDC Network Headquarters (Pensacola, Fla.) – The Florida Small Business Development Center (SBDC) Network, the state’s principal provider of small business assistance, encourages small businesses economically impacted by Hurricane Dorian to apply for the SBA’s Economic Injury Disaster Loan program.

The program is intended to help small businesses who suffered substantial economic injury as a result of the storm meet working capital needs. Substantial economic injury means that businesses are unable to meet normal obligations and pay for ordinary and necessary operating expenses. EIDLs provide working capital to help businesses survive until normal operations resume.

Hurricane DorianSmall businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations located in a primary or contiguous disaster-declared county are eligible to apply for up to $2 million to help meet financial obligations and operating expenses.

The maximum interest rate for the program is 4 percent with terms up to 30 years. The deadline to apply for a loan is August 13, 2020.

Florida SBDC disaster recovery specialists are available to provide confidential, no-cost consulting to help affected businesses prepare disaster loan applications and with other post-disaster challenges.

"Hurricane Dorian was a unique, unpredictable storm that caused economic injury for many business owners," said Michael W. Myhre, CEO of the Florida SBDC Network. "Our mission is to help small businesses grow and succeed through blue sky days and dark. We want business owners to know that we're here to help them through the application process so they can return back to normal as quickly as possible."

For more information on loan eligibility and how to apply, please click here. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.

For questions about the loan programs and how the Florida SBDC can help, please contact the Florida SBDC office nearest you: www.FloridaSBDC.org/locations.