The U.S. Small Business Administration (SBA) has announced the availability of low-interest federal disaster loans for small businesses, private nonprofits, and residents in Florida affected by severe storms and a tornado on June 25. This follows a disaster declaration issued after Governor Ron DeSantis's request on July 7.
The affected areas include Pinellas County and adjacent counties Hillsborough and Pasco. These regions are eligible for both physical damage loans and Economic Injury Disaster Loans (EIDLs).
Small businesses and private nonprofits can apply for business physical disaster loans, with borrowing limits up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory, and other assets. Homeowners can borrow up to $500,000 to repair their primary residence, while renters may borrow up to $100,000 for personal property replacement.
Applicants may qualify for a loan increase of up to 20% of their verified physical damage for mitigation purposes. Improvements such as strengthening structures against wind damage or installing storm shelters are eligible.
"One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage," said Chris Stallings from the SBA.
The EIDL program is available to small businesses, agricultural cooperatives, and private nonprofits with financial losses related to the disaster. However, it does not extend to agricultural producers except small aquaculture enterprises.
Interest rates are set at 4% for small businesses, 3.625% for PNPs, and 2.813% for homeowners and renters. Loan terms can extend up to 30 years with payments deferred until one year after disbursement.
Starting July 10, SBA representatives will be available at the Disaster Loan Outreach Center in Pinellas County's Largo Public Library to assist applicants with questions about the loan process.
Disaster survivors should not wait for insurance settlements before applying as SBA offers loans based on total loss estimates pending insurance adjustments.
Applications can be submitted online at sba.gov/disaster or through contact via phone or email provided by SBA's Customer Service Center. The deadline for physical property damage applications is September 8, 2025; economic injury applications are due by April 8, 2026.