SmallBusinessNewz

The U.S. Small Business Administration (SBA) has set up business recovery centers in Florida in Brevard and Volusia Counties. At these centers, they have representatives available to answer questions and provide one-on-one assistance to those who wish to complete applications.

"Due to the amount of physical and economic losses caused by Tropical Storm Fay in Florida, we want affected businesses to meet individually with SBA representatives and find out how a low-interest disaster loan can help them recover,” said Frank Skaggs, Director of SBA Field Operations Center East.

Despite all the criticism that often comes associated with the SBA, it's good to see that they are helping those in need in times where disaster recovery is of the utmost importance for some small businesses. It also draws attention to the fact that you should be somewhat prepared for disaster yourself because you never know when it can strike.

The SBA is allowing businesses (as well as non-profits) of any size to borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

They are also offering mitigation loans to applicants up to 20% of the verified physical damage, so that business owners can take precautions for possible future disaster situations.

"Economic injury" loans are available as well for businesses even if they didn't suffer physical property damage.