Buchanan Urges Businesses Impacted by Red Tide to Seek SBA Assistance
Congressman Visits SBA Disaster Assistance Center
Urged SBA to Issue Disaster Declaration
SARASOTA — Congressman Vern Buchanan today urged small businesses impacted by red tide to seek assistance from the Small Business Administration (SBA). The Congressman visited the SBA Disaster Assistance Center in Sarasota today to learn more about the Economic Injury Disaster Assistance Loans available to help small businesses in Sarasota, Manatee, and Hillsborough counties recover from financial hardships caused by red tide.
“Our coastal communities and businesses have been ravaged by the harmful effects of red tide, and with no end in sight to this catastrophe,” said Buchanan. “These loans are critically important to help our local businesses recover from this devastating crisis. I urge them to take advantage of this program.”
Buchanan urged the SBA to issue the disaster declaration, which made small businesses suffering from the negative economic impact of red tide eligible for low interest, working capital loans. Under the declaration, small businesses can borrow up to $2 million directly from the SBA for up to 30 years at the low interest rate of up to 3.385%.
Businesses can apply on line at disasterloan.sba.gov, visit a temporary recover center or call (800) 659-2955 to have an application mailed to them.
Small agricultural cooperatives, small aquaculture businesses and most private, non-profit organizations unable to meet their financial obligations because of red tide are also eligible to apply for assistance.