8 hours ago
Hurricane Milton-related loans available to Sarasota, Manatee businesses and nonprofits
The U.S. Small Business Administration (SBA) recently announced that low interest federal disaster loans are available to small businesses and private nonprofit organizations in Florida that sustained economic losses caused by Hurricane Milton on Oct. 9-10, 2024.
The disaster declaration covers the primary counties of Sarasota, Manatee, DeSoto, Hardee, Seminole and Volusia as well as the adjacent counties of Brevard, Charlotte, Flagler, Glades, Highlands, Hillsborough, Lake, Marion, Orange, Polk and Putnam.
Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to this disaster.
The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.
EIDLs are available for working capital needs caused by the disaster and are available even if the small business or PNP did not suffer any physical damage.
The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.
'Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,' Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, said in a prepared statement. 'We're pleased to offer loans to small businesses and private nonprofits impacted by these disasters.'
This article originally appeared on Sarasota Herald-Tribune: SBA loans available for businesses, nonprofits impacted by Milton
