CRESTVIEW — Florida small business owners, including agricultural cooperatives, businesses engaged in aquaculture and private nonprofit organizations, may apply for U.S. Small Business Administration disaster loans for losses related to excessive rainfall, winds and flooding from Sept. 1 to Nov. 20.
Okaloosa, Escambia, Holmes, Jackson, Santa Rosa and Walton counties "are eligible because they are contiguous to one or more primary counties in Alabama," said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta. "Disasters do not usually stop at county or state lines."
The loan amount can be up to $2 million, with interest rates of 2.625 percent for private nonprofit organizations and 4 percent for small businesses, with up to 30-year terms.
The SBA sets loan amounts and terms, and bases them on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply using the Electronic Loan Application at https://disasterloan.sba.gov/ela. Call SBA’s Customer Service Center, 800-659-2955, or email disastercustomerservice@sba.gov for details.
Send completed applications by Aug. 10 to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
This article originally appeared on Crestview News Bulletin: Economic injury disaster loans available for Okaloosa businesses