This disaster assistance initiative means that residents and businesses can apply for low-interest loans to recover from storm damage
In response to the harsh storms and flooding that ravaged Miami-Dade County from June 11 and 14, 2024, the county government has partnered with the Small Business Administration (SBA) to provide critical disaster assistance to those affected.
Starting July 9, 2024, businesses and residents can sign up for low-interest disaster loans from the SBA to repair and replace damaged properties, ensuring that the community can recover swiftly and effectively. Miami-Dade County Mayor Daniella Levine Cava emphasized the importance of this support, highlighting the need to protect and future-proof the community against the growing challenges posed by climate change.
Comprehensive support for businesses and residents
Businesses and citizens alike should expect extensive aid from the SBA's disaster assistance program in the wake of the recent storms and floods. Everyone, from homeowners to small company owners, may get the financing they need to get back on their feet thanks to the program's flexible lending alternatives.
For the purpose of repairing or replacing damaged real estate, machinery, equipment, inventory, and other commercial assets, private nonprofit groups and businesses are eligible to borrow up to $2 million. Even in cases when no physical damage to the property has occurred, the Small Business Administration (SBA) provides Economic Injury Disaster Loans (EIDLs) to assist with working capital needs incurred by small companies, small agricultural cooperatives, and aquaculture firms as a result of disasters.
Loan amounts up to $500,000 are available to homeowners for the repair or replacement of damaged or destroyed real estate, and loans up to $100,000 are available to homeowners and renters for the repair or replacement of personal property. In addition, the SBA gives borrowers the opportunity to raise the loan amounts by as much as 20% of the documented physical losses in order to mitigate them. Protecting homes against future damage may involve upgrades like storm shelters, safe rooms, sump pumps, French drains, or retaining walls.
Borrowers may expect affordable interest rates on these loans, with rates as low as 4% for companies, 3.25 percent for nonprofits, and 2.68 percent for individuals. There is a 12-month grace period after the first disbursement before interest starts to accumulate on a loan with a duration of up to 30 years. To make sure that the repayment plans are reasonable and specific to each person's situation, the SBA determines the loan amounts and conditions depending on their financial situation.
How to apply for disaster assistance
Miami-Dade County and the Small Business Administration have set up many avenues for application and assistance to make sure that everyone who needs it may easily get it. On July 9, 2024, two DLOCs will be opened in Aventura and Miami Gardens to offer applicants in-person help for disaster loans. Volunteers from the Small Business Administration (SBA) will be stationed at these locations to assist applicants with disaster loans by taking documentation, answering questions, and providing status updates.
From July 9th to the 18th, 2024, you can visit the Northeast Dade Aventura Branch Library at 2930 NE 199th Street, Aventura, Florida. On the first day, operations run from 11:30 am to 6 pm; on subsequent days, Wednesday through Friday, from 9:30 am to 6 pm, and on Saturday, from 10 am to 2 pm. Hours of operation at the North Dade Regional Library, located at 2455 NW 183rd Street, Miami Gardens, Florida, will be the same from July 15th through July 20th, 2024. Return requests for physical property damage must be submitted no later than August 30, 2024, while applications for economic harm must be submitted no later than April 1, 2025.
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