SBA Disaster Assistance
SBA Disaster Assistance Available!
Low-Interest Physical and Economic Injury Disaster Loans
Application Deadline for PHYSICAL PROPERTY DAMAGE: November, 28th, 2022
Application Deadline for ECONOMIC INJURY: June 29th, 2023
Palmetto is within a declared disaster area, so you may be eligible for financial assistance from the U. S. Small Business Administration (SBA).
Low-interest disaster loans from the U.S. Small Business Administration (SBA) are available to businesses and residents in Florida following the announcement of a Presidential disaster declaration due to Hurricane Ian beginning Sept. 23rd.
What Kind of Loans are available?
Business Physical Disaster Loans – Loans up to $2 million to businesses for repair or replacement of disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
Economic Injury Disaster Loans (EIDL) – Working capital loans up to $2 million to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period. Note: these loans are available regardless of whether the business suffered any physical property damage.
Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles. Up to $200,000 for homeowners to repair/replace real-estate; and up to $40,000 for homeowners OR renters to repair/replace personal property.
Get Help Funding Mitigation Improvements!
If your loan application is approved, you may be eligible for additional funds to cover the cost of improvements that will protect your property against future damage.
Examples of improvements include, but are not limited to:
- retaining walls
- sump pumps,
- Safe room
- Storm shelter
- Retaining walls
Mitigation loan money would be in addition to the amount of the approved loan, but may not exceed 20% (twenty percent) of total amount of physical damage to real property, including leasehold improvements, and personal property as verified by SBA to a maximum of $200,000 for home loans. It is not necessary for the description of improvements and cost estimates to be submitted with the application. SBA approval of the mitigating measures will be required before any loan increase.