WHETHER YOU ARE A HOMEOWNER, A RENTER OR A BUSINESS OWNER, REPRESENTATIVES FROM THE FLORIDA DEPARTMENT OF EMERGENCY MANAGEMENT (FDEM), THE FEDERAL EMERGENCY MANAGEMENT AGENCY (FEMA) AND THE U.S. SMALL BUSINESS ADMINISTRATION (SBA) AND VARIOUS STATE AGENCIES HAVE SET UP SHOP HERE TO HELP WITH DISASTER RELIEF.
The center is located at the Brackett Library of Indian River State College, 6155 College Lane, Vero Beach, FL 32966. The Center is open Monday – Saturday from 9:00 a.m. to 6 p.m.
Disaster assistance may include grants to help homeowners and renters pay for their temporary housing, essential home repairs, personal property replacement, and other serious disaster-related needs not covered by insurance.
SBA offers low-interest disaster loans for businesses of all sizes, homeowners, renters, and certain private non-profit organizations. SBA loans may cover repairs, rebuilding, as well as the cost of replacing lost or disaster-damaged real estate and personal property.
There are three types of disaster loans available through the SBA.
- Business Physical Disaster Loans: Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, and machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc. are also eligible.
- Economic Injury Disaster Loans (EIDL): Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private and, non-profit organizations of all sizes to help meet their ordinary and necessary financial obligations that cannot be met as a result of the disaster. These loans are intended to assist through the disaster recovery period.
- Home Disaster Loans: Loans to homeowners or renters to repair and replace disaster-damaged real estate and personal property, including automobiles.
The credit requirements for disaster relief loans from the SBA are your credit history, your ability to repay the loans and collateral. But SBA will not decline a SBA loan for lack of collateral, but requires you to pledge whatever is available.
Interest rates for business loans are 4.000%. For non-loans it is 2.625%. Economic injury loan rates are 4% for businesses and non-profit organizations 2.625%. Home loans are 1.563%.
Loan limits for businesses are $ 2 million. Home loans are limited to $ 200,000.
The physical damage application filing is December 16, 2016. For economic injury the filing is July 17, 2017.
Loan limits are up to a maximum of 30 years. However, with credit available elsewhere the loan limit is up to a minimum of seven years.
To apply for low-interest Federal loans for disaster-related damages register with FEMA at http://www.disasterassistance.gov or 800-621-3362. To apply for a SBA disaster loan go to https://disasterloan.sba.gov/ela or call 800-659-2955.