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Low-interest repair loans available for Pinellas businesses, homeowners

Note: All information in the news release below was provided by the U.S. Small Business Administration.

U.S. Small Business Administration (SBA) offers low-interest repair loans to Pinellas businesses, homeowners

The U.S. Small Business Administration is now offering low-interest loans starting as low as 2.5 percent for Pinellas homeowners and 4 percent for businesses to make repairs and cover economic losses from Hurricane Idalia.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/ and should apply under SBA declaration # 18118.

The filing deadline to return applications for physical property damage is Oct. 30, 2023. The deadline to return economic injury applications is May 31, 2024.

Loan types include the following:

  • Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
  • Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
  • Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles. Apply for assistance online- https://disasterloanassistance.sba.gov/ela/s/

Loan terms

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 4 percent for businesses, 2.375 percent for nonprofit organizations, and 2.5 percent for homeowners and renters, with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition. Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the initial disbursement.

Building back smarter and stronger can be an effective recovery tool for future disasters. Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, elevation, retaining walls, and landscaping to help protect property and occupants from future disasters.

How to apply

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/ and should apply under SBA declaration # 18118.

To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.

Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or sending an email to DisasterCustomerService@sba.gov. Loan applications can also be downloaded from sba.gov/disaster.

Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Other types of business assistance available

Florida Small Business Emergency Bridge Loan Program is Available through October 25

The Florida Small Business Emergency Bridge Loan Program is now available at www.FloridaJobs.org/EBL. The loan program, administered by FloridaCommerce, provides short-term, zero-interest loans, in an amount of up to $50,000, to small businesses that experienced economic injury or physical damage due to Hurricane Idalia. These loans are intended to “bridge the gap” between the time a disaster impacts a business and when a business has secured longer-term recovery funding, such as federally or commercially available loans, insurance claims, or other resources. Businesses in Pinellas County are eligible to apply by the October 25, 2023 deadline, or until all available funds are expended.

Florida Business Damage Assessment Survey

Businesses are urged to respond to the Florida Business Damage Assessment Survey at https://floridadisaster.biz/BusinessDamageAssessments. Select “Hurricane Idalia” from the drop-down box and submit the survey online. The exact dollar value of your costs are not necessary; an estimate is fine. This information will provide valuable economic impact information to the state and federal government as economic assistance options are evaluated.

Does your business need disaster recovery assistance? Please call Florida SBDC at Pinellas County at (727) 453-7200 or email businesshelp@pinellas.gov.

Updates on Hurricane Idalia recovery efforts in Pinellas will be posted at disaster.pinellas.gov, Facebook @PinellasGov and Twitter @PinellasGov, search hashtag #PinellasIdalia.