DATE: April 25, 2014
MEDIA CONTACT: Miguel Ascarrunz, Interim Director
Broward Emergency Management Division
BROWARD COUNTY, Fla. - The Small Business Administration (SBA) has declared Broward County a disaster area following the cold weather that occurred January 7-31, 2014, allowing small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes opportunities for assistance.
"Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers or ranchers," said Miguel Ascarrunz, Interim Director of the Broward Emergency Management Division.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
According to the SBA, the loan amount can be up to $2 million with interest rates of 2.625 percent for private non-profit organizations of all sizes and 4 percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based 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.
Completed loan applications can be filed until the close of business on December 16, 2014. Individuals and businesses should call 800-659-2955 to obtain information and applications. Individuals who are hearing impaired can get an application and information by calling 800-877-8339. Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website.
For more information on the SBA application process and frequently asked questions, visit the Small Business Administration website.