The U.S. Small Business Administration has loaned nearly $695 million to businesses and individuals across Florida — including nearly $29 million on the Treasure Coast — as a result of damage from hurricanes Milton and Helene, agency spokesperson Ileana Alamo said.
The agency is extending the deadline for businesses to apply for disaster recovery assistance until July 11. Businesses or individuals seeking a disaster loan should visit the Small Business Administration website.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Small Business Administration Office of Disaster Recovery and Resilience, in a statement. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
Hurricane Helene made landfall Sept. 26, 2024. Hurricane Milton came ashore Oct. 9, 2024, and it spawned tornadoes that devastated parts of Indian River, St. Lucie and Martin counties. Milton’s most destructive tornado, a category EF3 with winds of 136-165 mph, killed six people in the Spanish Lakes Country Club Village mobile home community near Fort Pierce.
Milton caused an estimated $34.3 billion in damage, almost all of it in Florida.
The disaster loan program
The agency’s disaster loan program is the largest source of federal disaster recovery funds for survivors, larger than Federal Emergency Management Agency. SBA disaster assistance comes as loans, which must be repaid to the federal government.
Through the program, SBA offers low-interest, long-term loans for physical and economic damages to businesses to help repair, rebuild and recover from economic losses after a undefined. The loans may be used to pay fixed debts, payroll, accounts payable and other bills.
Belying its name, though, the majority of SBA’s disaster loans are made to individuals and households to help repair and replace homes and personal property, according to a 2015 congressional report.
Mohammed Chowdhury, owner of the Paradise Pine Citgo gas and convenience store along Turnpike Feeder Road at Winter Garden Parkway, makes a call after a tornado cut through the area on Wednesday, Oct. 9, 2024, destroying the building as Hurricane Milton begins to cross Florida.
“SBA’s inclusive disaster-assistance programs serve as an economic safety net for entire communities,” said SBA spokesperson Ileana Alamo.
The three main types of loans for disaster-related losses include:
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Home and personal-property disaster loans
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Business physical disaster loans
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Economic injury disaster loans
Alamo would not identify specific Treasure Coast businesses that received federal disaster assistance, but the SBA does report disaster-recovery assistance for hurricanes Helene and Milton by county:
Indian River County
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$10.7 million for 419 applicants
St. Lucie County
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$13.8 million for at least 895 applicants
Martin County
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$4.4 million for 220 applicants
Who should apply?
Business of all sizes — from sole proprietorships to large employers — as well as homeowners, renters and private nonprofit organizations in disaster regions should apply for financial assistance, Alamo said.
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Has DOGE affected SBA’s work?
SBA cut 40% of its workforce in March, Reuters reported, as part of the Department of Government Efficiency to cut costs and shrink the size of the federal government.
SBA has assumed additional responsibilities with a smaller workforce, Reuters reported. In addition to providing loans to small businesses, the agency is taking over the federal student loan portfolio from the mostly shuttered U.S. Department of Education.
“SBA disaster program is operating as normal,” Alamo said. “Our immediate focus is ensuring survivors of 2024 hurricane season in Florida are aware of the resources available to them to recover and get back on their feet.”
Jack Randall is TCPalm’s economy and real estate reporter. You can reach him at jack.randall@tcpalm.com or 904-466-4755.
This article originally appeared on Treasure Coast Newspapers: How to apply for hurricane aid? $695 million loaned to Florida economy
