Florida Small Businesses May Qualify for Post Disaster Loans
UPDATED: SEPTEMBER 15, 2017
With hurricane Irma perched upon Florida, there are many thoughts racing through the minds of those who may potentially be affected by the natural disaster. For Florida small business owners, one may be, how do we recover from the aftermath of Hurricane Irma?
There are emergency loan programs in place specifically for Florida small businesses post-hurricane. Most of these loans may be subject to an underwriting procedure, however, the funds are short-term and many times interest-free.
In order to successfully qualify and access emergency funds, you must have financial records readily available. This means it is very important to gather financial records for protection prior to hurricane strikes. It is highly suggested you secure these financial records as well as other important records, in a secure water-proof container.
Here is a list of records to consider:
- Three years of balance sheets
- Three years of business and personal income tax returns
- Three years of profit/loss statements
- Insurance policies for coverage on any business loss
- Information on collateral
- Personal bank statements
One post-disaster emergency loan program for Florida small businesses is the Florida Small Business Emergency Bridge Loan Program: http://www.floridadisasterloan.org/.
This program has been activated. It is very important for applicants to be prepared with their small business records.
An additional post-disaster emergency loan program is the U.S. Small Business Administration (SBA) Disaster Recovery Loan: https://www.sba.gov/content/disaster-loan-program, however it is important to note these SBA loan programs are not interest-free.
For assistance with these post-disaster emergency loans for Florida small businesses or consulting, please visit our website.