Florida Drought Disaster Recovery
The Secretary of Agriculture has declared disaster for recent drought in Florida, beginning March 21, 2023. Economic Injury Disaster Loans are available for affected businesses.

SBA Economic Injury Disaster Loan (EIDL) - Apply Now
Substantial economic injury means the business is unable to meet its obligations and to pay its ordinary and necessary operating expenses. EIDLs provide the necessary working capital to help small businesses survive until normal operations resume after a disaster.
The Florida Drought Disaster declaration includes the primary counties of: Charlotte, DeSoto, Hardee, Highlands, Lake and Manatee, and adjacent counties of Glades, Hendry, Hillsborough, Lee, Marion, Okeechobee, Orange,
Osceola, Polk, Sarasota, Seminole, Sumter, and Volusia in Florida.
Eligibility
- Small agricultural cooperatives
- Most private nonprofit organizations
- Businesses engaged in aquaculture
- Substantial economic injury means the business is unable to meet its obligations and pay its ordinary and necessary operating expenses.
- EIDL provides the necessary working capital to help small businesses impacted by a disaster survive until normal operations resume.
- EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere.
The loan amount can be up to $2 million with interest rates of 4 percent for small businesses and
2.375 percent for private nonprofit organizations, with terms up to 30 years. These working capital
loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been
paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Use of Proceeds
- Working capital and normal expenses such as the continuation of health care benefits, rent, utilities, and fixed debt payments
Terms
- The interest rate will not exceed 4%.
Maturity
- Up to 30 years, with repayment term to be determined by ability to repay the loan
- No pre-payment penalty or fees
Collateral Requirements
- Required for loans over $25,000
- Real estate is the preferred collateral. Loans of $200,000 or less will not require the owner of the business to use their primary residence as collateral if it is determined the owner has other assets of equal quality and a value equal to or greater than the amount of the loan.
How to Apply
- Apply online for an SBA disaster assistance loan. SBA will send an inspector to estimate the cost of damage, once your application is completed and submitted.
- Complete, sign, and date IRS Form 4506-T with your application, giving permission for the IRS to provide SBA with your tax return information.
Additional Information
Contact the SBA Disaster Assistance Customer Service Center at:
Phone: 800-659-2955
TTY/TRS: 711