THE COCONUT GROVE CHAMBER OF COMMERCE HAS BEEN MONITORING MANY RESOURCES ON BEHALF OF OUR MEMBERS AND THE GROVE COMMUNITY AT LARGE.
WHILE OUR OFFICES REMAIN CLOSED YOUR STAFF AND BOARD ARE ACTIVELY ENGAGED WITH LOCAL, STATE AND NATIONAL RESPONSE ORGANIZATIONS.
GETTING LOCAL BUSINESS UP AND RUNNING AFTER THIS DISASTER IS OUR HIGHEST PRIORITY.
IN THE AFTERMATH OF HURRICANE IRMA THE UNITED STATES SMALL BUSINESS ADMINISTRATION ANNOUNCES RELIEF PROGRAMS FOR SMALL BUSINESSES AND NON-PROFITS.
The SBA announced a disaster declaration for several counties in Florida including Miami-Dade to assist businesses, homeowners, and renters with federal disaster loans. Getting businesses and communities up and running after a disaster is their highest priority.
This disaster declaration makes Miami-Dade businesses eligible for both Physicall and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the the county could qualify to borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory and other business assets. Applicants may be eligible for a loan amount increase of up to 20% of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter to help protect property and occupants from future damge caused by a similar disaster.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Interest rates are as low as 3.305% for businesses and 2.5% for nonprofit organization, 1.75% for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicants financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://disasterloan.sba.gov/ela.
Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800 659- 2955 or 800-877-8339 for the deaf and hearing impaired.
The Coconut Chamber of Commerce will continue to monitor this disaster situation and will bring you periodic updates of significant import during this emergency.
We pray for the safety of our families, neighbors and the community at-large.
Thank you for placing your trust in your local chamber of commerce.
Howard J. Kane
Coconut Grove Chamber of Commerce