How To Get Financial Help For A Business Or Home Damaged In Irma

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MIAMI (CBSMiami) — There is financial help for residents and business owners who suffered damages from Hurricane Irma.

The U.S. Small Business Administration is offering Physical and Economic Injury Disaster Loans for most of Florida including Monroe, Miami-Dade, Broward and Palm Beach counties.

“The recovery efforts from Hurricane Irma will take some time, however, the SBA’s implementation of disaster assistance in the impacted areas will help usher along the process,” said South Florida District Director Francisco “Pancho” Marrero.

Related: Mortgage Assistance Available In The Wake Of Hurricane Irma

Businesses and private non-profit organizations of any size can borrow up to $2 million to repair or replace items damaged during the storm. This includes real estate, machinery and equipment, inventory, among other business items.

“As soon as it’s clear to do so, I encourage everyone in the listed counties to complete their respective damage assessments and after completing FEMA disaster requirements, apply for assistance from the SBA’s Disaster Assistance Center,” said Marrero.

Related: What You Need To Apply For FEMA’s Housing Help

If you need more to help, those who apply may be eligible for a loan amount increase of about 20% of their physical damages.

Homeowners are eligible for up to $200,000 in disaster loans to repair or replace damaged real estate. Homeowners and renters can get up to $40,000 for damaged personal property.

Interest rates for the loans range from 3.3% for businesses, 2.5 percent for nonprofit organizations and 1.75 percent for homeowners and renters.

Click here to apply online with SBA or click here to be considered for all forms of disaster assistance. If you are unable to do it online, you can call FEMA’s toll-free helpline at 800-621-3362 or use their app. You can also call the Private Sector Hotline at 850-410-1403 or click here. 

More from Giovanna Maselli
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