We hope that your business is recovering following Hurricane Irma. If your business was impacted, below are some resources provided by the State of Florida that can assist you and your business. As always, FGA staff remain available to assist in any we can, so please don't hesitate to contact us at 888.FL.RETAIL (888.357.3824):
- DEO has launched the Disaster Unemployment Assistance (DUA) Program to provide assistance to businesses and residents whose employment or self-employment was lost or interrupted as a result of Hurricane Irma. To file for DUA or for more information go to www.FloridaJobs.org or call 1-800-385-3920.
- The Florida Virtual Business Emergency Operations Center business damage assessment surveying tool has been activated for businesses to report damages resulting from Hurricane Irma. Businesses are encouraged to visit flvbeoc.org. Click on Hurricane Irma.
State and Federal Disaster Loan Programs Now Available to Florida Businesses Impacted by Hurricane Irma
The Miami-Dade Beacon Council, the official economic development partnership, is working closely with public and private sector leaders to help Miami-Dade’s business community recover and get back to work as soon as possible. We are working with our partners including the Small Business Administration, Federal Emergency Management Agency, Florida Department of Economic Opportunity, Small Business Development Center and others to:
- Assess damage to businesses and evaluate needs;
- Provide information on available resources;
- Facilitate connections to service providers.
The Council is using its Banking & Finance Committee to provide coordinated resources and outreach to businesses seeking loans in the wake of Hurricane Irma. Also, the Small Business Committee is meeting next week to hear directly from community partners and bankers about next steps to ensure communication and resources continue to flow.
Florida Small Business Emergency Bridge Loan Program
Governor Rick Scott has activated the Florida Small Business Emergency Bridge Loan Program to provide short-term, interest-free loans to businesses damaged by the storm.
Administered by the Florida Department of Economic Opportunity (DEO) in partnership with the Florida SBDC Network and Florida First Capital Finance Corporation (FFCFC), the Florida Small Business Emergency Bridge Loan helps businesses bridge the gap between the time damage is incurred and when a business secures other financial resources, including payment of insurance claims or longer-term Small Business Administration loans. Up to $10 million has been allocated for the program.
Under the program, eligible small businesses in all 67 Florida counties with two to 100 employees may apply for short-term, interest-free loans for $1,000 to $25,000 for 90 or 180-day terms. To be eligible, a business must have been established prior to September 4, 2017, and demonstrate economic injury or physical damage as a result of Hurricane Irma.
Apply for the Florida Emergency Bridge Loan program. The deadline to apply is October 31, 2017.
Business Damage Assessment Survey
DEO is assessing the damage caused by the storm. Small businesses that have incurred losses due to Hurricane Irma are asked to complete a Business Damage Assessment Survey. The survey will help the State Emergency Response Team determine the needs and level of assistance for impacted businesses. Take the survey.
Following President Trump's major disaster declaration, impacted businesses may now apply for low-interest loans through the U.S. Small Business Administration.
Through the declaration, businesses and nonprofits in Broward, Charlotte, Clay, Collier, Duval, Flagler, Hillsborough, Lee, Manatee, Miami-Dade, Monroe, Palm Beach, Pinellas, Putnam, Sarasota and Saint Johns counties are eligible for both Physical and Economic Injury Disaster Loans from the SBA.
In adjacent counties, small businesses and most private non-profit organizations are eligible to apply only for SBA Economic Injury Disaster Loans: Alachua, Baker, Bradford, Desoto, Glades, Hardee, Hendry, Highlands, Marion, Martin, Nassau, Okeechobee, Pasco, Polk, and Volusia in Florida.
Business Physical Disaster Loan Program
Business Physical Disaster Loans are intended to help repair or replace disaster-damaged property. Businesses and nonprofit organizations may apply for up to $2 million to repair or replace property, including real estate, equipment, inventory, machinery, and other business assets.
Economic Injury Disaster Loan Program
Businesses in qualifying adjacent counties may apply for up to $2 million for working capital through the SBA Economic Injury Disaster Loan program. The Economic Injury Disaster Loan program provides working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations meet financial obligations and operating expenses through the disaster recovery period.
Interest rates are as low as 3.305 percent for businesses and 2.5 percent for nonprofit organizations. The SBA customizes loan amounts and terms up to a maximum of 30 years for each applicant.
Applicants may also be eligible for a loan amount increase up to 20 percent of their physical damages to protect property from future damage, including adding a safe room or storm shelter.
To Apply for Physical and Economic Injury Loans
Businesses must first register with the Federal Emergency Management Agency (FEMA) at www.disasterassistance.gov or call the toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362 (800-462-7585 TTY).
Upon registration with FEMA, businesses may apply for a disaster loan a number of ways:
- Submit an online application at disasterloan.sba.gov
- Download an application from www.sba.gov/disaster and submit to a SBA disaster recovery center or mail to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155;
- Visit a SBA recovery center for one-on-one assistance; or
- Visit their local Florida SBDC for assistance.
The filing deadline to return applications for physical property damage is November 9, 2017. The deadline to return economic injury applications is June 11, 2018.
Florida SBDC Network Stands Ready to Assist
As a principal responder in the state's Emergency Support Function for Business and Industry, the Florida SBDC Network stands ready to assist businesses with disaster loan applications and with other post-disaster challenges.
"The recovery efforts from Hurricane Irma will take some time, however, the SBA’s implementation of disaster assistance in the impacted areas will help usher along the process,” said South Florida District Director Francisco “Pancho” Marrero. “As soon as it's clear to do so, I encourage everyone in the listed counties to complete their respective damage assessments and after completing FEMA disaster requirements, apply for assistance from the SBA's Disaster Assistance Center.”
The Florida SBDC Network supports disaster preparedness, response, recovery, and mitigation through its Business Continuation Services. As part of the network's service offering, the Florida SBDC will also be deploying its Mobile Assistance Centers (MACs) into affected communities to deliver small business owners on-site assistance with loan applications and with other post-disaster challenges. The Florida SBDC is working with state and federal officials to determine the MACs' locations and will release that information soon.