The U.S. Small Business Administration (SBA) has announced that low-interest federal disaster loans are now available to small businesses and private nonprofit organizations in Florida affected by Hurricane Milton, which occurred on October 9-10, 2024.
This disaster declaration includes the primary counties of DeSoto, Hardee, Manatee, Sarasota, Seminole, and Volusia. It also covers adjacent counties such as Brevard, Charlotte, Flagler, Glades, Highlands, Hillsborough, Lake, Marion, Orange, Polk, and Putnam.
Eligible small businesses and private nonprofits can access the SBA’s Economic Injury Disaster Loan (EIDL) program for financial losses directly linked to the hurricane. The SBA clarifies that it cannot offer disaster loans to agricultural producers like farmers or ranchers unless they are aquaculture enterprises.
These EIDLs can be used for working capital needs caused by the hurricane. They are available even if no physical damage was sustained by the business or nonprofit. Funds from these loans may cover fixed debts, payroll expenses, accounts payable and other bills that could not be paid due to the disaster.
Chris Stallings from the SBA's Office of Disaster Recovery and Resilience 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 starting at 4% for small businesses and 3.25% for private nonprofits. These loans have terms up to 30 years with no interest accrual or payments required until 12 months after the first loan disbursement date. The specific loan amounts and terms will depend on each applicant’s financial condition.
Interested parties can apply online at sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov for more information about SBA disaster assistance. Telecommunications relay services are available for individuals who are deaf or hard of hearing through dialing 7-1-1.
The deadline for returning economic injury applications is January 22, 2026.