Economic Injury Disaster Loans Deadline Approaching

Last year, many South West Florida businesses were affected by Red Tide and Blue Algae and experienced economic loss.  If you were one of those businesses, help is still available!  

The U.S. Small Business Administration is still offering Economic Injury Disaster Loans (EIDLs) – Working capital loans to help small businesses meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.

The deadline is fast approaching—June 4, 2019.  If you need assistance in applying for this loan, please contact Suzanne Specht at 239-745-3704 or sspecht@fgcu.edu to book an appointment.  We’re here to help you through challenging times to help your business keep it’s doors open.

If you have suffered substantial economic injury and are one of the following types of businesses located in a declared disaster area, you may be eligible for an SBA Economic Injury Disaster Loan (EIDL):  

  • Small Business
  • Small agricultural cooperative
  • Most private nonprofit organizations

Loan Amounts and Use
Substantial economic injury means the business is unable to meet its obligations and to pay its ordinary and necessary operating expenses. EIDLs provide the necessary working capital to help small businesses survive until normal operations resume after a disaster. 

The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. Your loan amount will be based on your actual economic injury and your company’s financial needs, regardless of whether the business suffered any property damage. 

Eligibility and Terms
The interest rate on EIDLs will not exceed 4 percent per year. The term of these loans will not exceed 30 years. The repayment term will be determined by your ability to repay the loan. 

EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere. 

A business may qualify for both an EIDL and a physical disaster loan. The maximum combined loan amount is $2 million. 

Please contact Suzanne Specht at 239-745-3704 or sspecht@fgcu.edu to book an appointment.

Suzanne Specht - FSBDC at FGCU Small Business Consultant 

“I assist your business with access to capital issues from a strategic growth point of view. I can apply my expertise, to help gauge what type of financing—from commercial lending to SBA loans to alternative sources—is the optimal option for your business success.”

Suzanne Specht

Capital Access Expert