Businesses, residents can get assistance for flooding damage in August
MAYO — Lafayette County residents impacted by severe storms and flooding last month are eligible for low-interest disaster loans from the U.S. Small Business Administration.
SBA Administrator Isabella Casillas Guzman announced a disaster declaration Monday for Lafayette County as well as Dixie, Jefferson, Madison and Taylor counties. The declaration came in response to a request for that assistance by Gov. Ron DeSantis’ office.
“SBA’s mission-driven team stands ready to help Florida’s small businesses and residents impacted by the severe storms and flooding,” Guzman said in a release. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
According to the announcement, small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations are offered Economic Injury Disaster Loans by the SBA to help meet working capital needs caused by the storms and flooding from Aug. 3-7. The assistance is available regardless of whether the business suffered any physical property damage.
“Businesses and private non-profit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets,” SBA’s North Florida District Director Jon Richards added in the release.
Kim Fleming, the director of SBA’s Field Operations Center East in Atlanta, added that homeowners can receive up to $200,000 in loans to replace damaged or destroyed real estate while homeowners and renters can receive loans up to $40,000 to replace or repair damaged personal property.
The loan amount, the release states, can be increased up to 20% of the physical damages as verified by the SBA for mitigation. Mitigation improvements that qualify include a safe room, storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage.
According to the release, interest rates on the loans could be as low as 2.855% for businesses, 2% for non-profits and 1.563% for homoeoses and renters for up to 30 years.
Applications can be filled out online at DisasterLoanAssistance.sba.gov/ela/s under the SBA declaration #17194.
For businesses and residents that need assistance, a Disaster Loan Outreach Center opens today at the Steinhatchee Community Center, 1013 Riverside Drive, in Taylor County. The center will be open from 9 a.m. to 6 p.m. today, Friday and Monday through Oct. 6. On Thursday and Oct. 7, the center will be open from 9 a.m. to 4:30 p.m. It will close Oct. 7.
Applications for physical property damage must be filed by Nov. 23. Economic injury applications must be turned in by June 24, 2022.