Milton Small Business Disaster Loans Still Open
Small businesses in eight Florida counties can apply for SBA low-interest loans until Sept. 15 to cover economic losses from Hurricane Milton.
WASHINGTON — The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Florida of the Sept. 15 deadline to apply for low interest federal disaster loans to offset economic losses caused by Hurricane Milton occurring Oct. 9-10, 2024.
The disaster declaration covers the Florida counties of Broward, Collier, Glades, Hendry, Martin, Miami-Dade, Okeechobee and Palm Beach.
Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises. Submit completed loan applications to SBA no later than Sept. 15, 2025.
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,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
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