U.S. SMALL BUSINESS ADMINISTRATION
FACT SHEET - DISASTER LOANS
FLORIDA Declaration 17379 & 17380
Occurring: March 12, 2022
(in Marion County, Florida; and the contiguous Florida counties of: Alachua, Citrus, Lake, Levy, Putnam, Sumter, and Volusia
Application Filing Deadlines:
Physical Damage: May 27, 2022
Economic Injury: December 28, 2022
If you are located in a declared disaster area, you may be eligible for financial assistance from the U.S. Small Business Administration (SBA).
What Types of Disaster Loans are Available?
• 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.
What are the Credit Requirements?
• Credit History – Applicants must have a credit history acceptable to SBA.
• Repayment – Applicants must show the ability to repay all loans.
• Collateral – Collateral is required for physical loss loans over $25,000 and all EIDL loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but requires you to pledge what is available.
Please click the link below for further information including interest rates, loan terms, eligibility and more.
SBA Disaster Loan Fact Sheet