The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for small businesses and private nonprofit organizations in Florida. These loans aim to offset economic losses caused by the drought that began on April 15.
The disaster declaration covers Broward and Collier counties, as well as adjacent counties including Hendry, Lee, Miami-Dade, Monroe, and Palm Beach. Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and private nonprofits with financial losses directly related to the drought. However, the SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers except for aquaculture enterprises.
EIDLs are intended for working capital needs resulting from the disaster and can be used even if there was no physical damage to the business or nonprofit. The loans may cover fixed debts, payroll, accounts payable, and other bills that could not be paid due to the drought.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA stated: “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover.” He added: “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.62% for private nonprofits. Terms can extend up to 30 years. Interest does not accrue nor are payments due until 12 months after the first loan disbursement. The SBA determines loan amounts and terms based on each applicant’s financial condition.
Applications can be submitted online at sba.gov/disaster. For further information on SBA disaster assistance, applicants may contact SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf or hard of hearing.
The deadline for returning economic injury applications is December 22, 2025.