If your dealership has been affected by the devastating red tide algal blooms plaguing South Florida, you may be eligible for a low-interest Economic Injury Disaster Loans (EIDL)s from the U.S. Small Business Administration (SBA).
SBA Administrator Linda McMahon made the loans available in response to a letter from Gov. Rick Scott on Aug. 21, requesting a disaster declaration by the SBA. MRAA, NMMA, and other members of the recreational marine industry wrote Governor Scott last year asking for assistance during this difficult time. The declaration covers Lee, Manatee and Sarasota counties and the adjacent counties of Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Hillsborough and Polk in Florida.
Eligible businesses may qualify for loans up to $2 million. The SBA offers economic injury loans to help meet working capital needs caused by the disaster. The rates on these loans are 3.385 percent for small businesses and 2.5 percent for nonprofit organizations with terms up to 30 years. Eligibility for these working capital loans are based on the size and type of business and its financial resources. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
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If you have questions, please contact MRAA Public Policy Manager, Will Higgins.