SBA makes 924 post-Irma loans statewide

Oct. 09--The U.S. Small Business Administration says that, as of Sunday, it had approved 924 loans totaling $34.17 million to Florida residents affected by Hurricane Irma.

That includes eight loans totaling $236,200 in Manatee, Sarasota and Charlotte counties: two home loans totaling $26,200 in Manatee; three home loans totaling $121,900; and one economic injury loan for $5,200; and two home-loan applications in Charlotte totaling $82,900, based on SBA data as of Oct. 3, the agency said.

Statewide, the agency made 852 home loans totaling $29.53 million; 30 business-damage loans for $2.8 million; and 42 economic injury loans, which cover businesses and nonprofits that lost revenue, for $1.82 million.

Florida businesses affected by Hurricane Irma can apply for various state and federal disaster-loan programs. After the storm, Gov. Rick Scott activated the Florida Small Business Emergency Bridge Loan Program to provide short-term, interest-free loans to businesses damaged by the storm.

The program gives businesses emergency bridge loans for the time between when damage occurs and when a business receives other support, such as payment of insurance claims or longer-term SBA loans. It is administered by the Florida Department of Economic Opportunity in partnership with the Florida Small Business Development Center and Florida First Capital Finance Corp. Visit floridadisasterloan.org for more information and to apply. The deadline is Oct. 31.

Following President Donald Trump's major disaster declaration, affected businesses could apply for low-interest loans through the SBA. Businesses and nonprofits in Manatee, Sarasota, Charlotte, Broward, Clay, Collier, Duval, Flagler, Hillsborough, Lee, Miami-Dade, Monroe, Palm Beach, Pinellas, Putnam and Saint Johns counties are eligible for both physical- and economic-injury disaster loans from the SBA. Physical disaster loans are intended to help repair or replace disaster-damaged property. Businesses and nonprofit organizations may apply for up to $2 million to repair or replace property, including real estate, equipment, inventory and machinery.

Economic injury disaster loans also run up to $2 million for working capital. Interest rates are as low as 3.305 percent for businesses and 2.5 percent for nonprofit organizations. The SBA customizes loan amounts and terms up to a maximum of 30 years for each applicant. Applicants may also be eligible for a loan amount increase up to 20 percent of their physical damages to protect property from future damage, including adding a safe room or storm shelter.

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