The U.S. Small Business Administration (SBA) is urging eligible private nonprofit organizations in Florida to apply for federal disaster loans by July 16. These loans aim to alleviate economic losses caused by Hurricane Milton, which occurred from October 5 to November 2, 2024.
The disaster declaration includes several counties such as Brevard, Charlotte, Citrus, and others, along with the Miccosukee Tribe of Indians of Florida. The SBA's Economic Injury Disaster Loan (EIDL) program offers assistance to PNPs providing non-critical governmental services impacted by the hurricane. Eligible organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
EIDLs address working capital needs resulting from the disaster and are available even if no physical damage occurred. The loans can cover fixed debts, payrolls, accounts payable, and other unpaid bills due to the disaster.
"SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster," stated Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster."
Loan amounts can reach up to $2 million with interest rates starting at 3.25% and terms extending up to 30 years. Interest does not accrue until 12 months after the first loan disbursement. The SBA determines loan amounts and terms based on each applicant’s financial situation.
To apply online visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for further information on SBA disaster assistance. Those who are deaf or hard of hearing may use telecommunications relay services by dialing 7-1-1.
The deadline for submitting economic injury applications is July 16, 2025.
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