The Florida Department of Economic Opportunity (DEO) announced this week that financial assistance through the United States Small Business Administration (SBA) is now available to small businesses, non-profits, and homeowners located in Miami-Dade County impacted by the Surfside condo collapse. The SBA authorized an Administrative Declaration for Miami-Dade County, as well as the contiguous Florida counties of Broward, Collier, and Monroe, in the form of low-interest Economic Injury Disaster Loans, Business Physical Disaster Loans, and Home Disaster Loans to eligible business owners and homeowners impacted by the Surfside condo collapse.
“Thanks to Governor DeSantis’ swift action, additional resources are now available for businesses and citizens impacted by the Surfside condo collapse,” said Sec. Dane Eagle of the Florida Department of Economic Opportunity. “Our thoughts and prayers are with the Floridians, visitors, and businesses affected by this terrible event. Our team has been on the ground since day one and will continue to provide proactive outreach to help businesses and individuals in the Surfside community recover.”
The following SBA disaster loans are available to eligible Miami-Dade County businesses, homeowners, or renters impacted by the Surfside condo collapse:
- Business Physical Disaster Loans – Loans to businesses to repair or replace 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 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.
- Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
Economic Injury Disaster Loans and Business Physical Disaster Loans can be up to $2 million with interest rates of 2.000 percent for private nonprofit organizations of all sizes and 2.880 percent for small businesses, with terms up to 30 years. A business may qualify for both an Economic Injury Disaster Loan and a Business Physical Disaster Loan.
Home Disaster Loans can be up to $200,000 for real estate damage and $40,000 for personal property damage with terms up to 30 years and interest rates as low as 1.625%.