Ser & Associates recently had the honor of attending and participating in a roundtable discussion with Governor Rick Scott and Linda McMahon, SBA Administrator, at CAMACOL Latin Chamber of Commerce. Small business owners were provided the opportunity of sharing their hurricane recovery experiences and voicing their concerns with the recovery and its effect on our businesses. We took this opportunity to not only discuss our personal experiences and on-going recovery efforts, but more importantly we was able to share the stories of some of you (no names given) that have been greatly affected.
At this meeting, we learned about all the different sways the SBA and the State of Florida are providing financial assistance to small businesses. For example, under the Disaster Recovery Program, the SBA can make direct loans rather than going through a lender, which will save a considerable amount of time. Loans can be up to as much as $2 Million dollars for physical damage. They are also waiving collateral requirements for loans under $25k. And, if you have an existing SBA Loan, a forbearance program of up to one year is available. On the State side, the Florida Department of Economic Opportunity (DEO) is providing emergency bridge loans up to $70k. Finally, ACCION, a micro lender, is offering loans up to $50,000 with low interest rates and no payments required for 3 months. Please see the links below for more information on all of these programs, phone numbers and websites.
Please also keep in mind that lenders are providing residential mortgage forbearance programs of 3 months to one year. This may be a short-term solution to provide the cash you need to make minor repairs, cover payroll, etc. Contact your lender for more information.
We are here for you. So contact us if there’s anything we can do to assist you during this difficult time.