Small Business Disaster Emergency Loans Post-Hurricane Irma
TAMPA -- The Hillsborough County Economic Development Department would like to remind small business owners to gather vital financial records for safekeeping before a hurricane strikes. There are sources of emergency loans that may be authorized post-hurricane. While the funds are short-term and may be interest-free, all loans may be subject to an underwriting process. In order to successfully access emergency loans, have bank and financial records ready.
Florida Small Business Emergency Bridge Loan Program* : http://www.floridadisasterloan.org/
*This is an interest-free loan program and is NOT a grant or free money. It is intended to be short-term in nature and can provide capital pending payment of an insurance claim. If this program is activated, it is vital for applicants to have certain small business records available. GATHER THEM NOW.
- Three years of income (profit/loss) statements available
- Three years of balance sheets available
- Three years of business AND personal income tax returns
- Insurance policies that cover any business loss.
- Information on collateral
- Personal financial statements.
It is highly recommended that you have these and other vital records in a secure, water-resistant container or bag.
The U.S. Small Business Administration (SBA) Disaster Recovery Loan https://www.sba.gov/content/disaster-loan-program is another program intended to provide emergency loans. It will be necessary to have the above materials available to apply as well. These SBA loan programs are not interest-free.
Additionally, insurance claims are processed more efficiently if a business owner has the policy readily available. It is also important to have inventory records, photos or other documentation of the value of insured property when loss is incurred.
For assistance with this program and other disaster recovery resources or consulting, please visit our website at https://www.hillsboroughcounty.org/en/businesses/entrepreneur-and-small-business-support/business-support/entrepreneur-services .