Small businesses are an integral part of the fabric of Lake Park. Unfortunately, the COVID-19 pandemic has already begun to negatively impact small businesses here and across the country, and no one knows how long this will last. In order to help mitigate this situation, the Small Business Association (SBA) announced that, beginning today (March 19), small businesses located in Florida can apply for disaster loans.
These Economic Injury Disaster Loans are designed to help meet working capital needs caused by the coronavirus. Loans may be up to $2 million, but the amount of each loan is determined by the SBA based on economic injury and other factors. Applicants must have a credit history acceptable to SBA and must demonstrate the ability to repay the loan. In addition, collateral is required for all loans over $25,000. The interest rate, which is fixed for the life of the loan, is 3.75%.
For more information or to apply for a loan, please visit https://disasterloan.sba.gov/
To see a list of resource partners that can provide application assistance, please visit www.sba.gov/local-assistance/
The SBA Disaster Assistance Customer Service Center can be reached at 1-800-659-2955 (TTY: 1-800-877-8339) or by email at disastercustomerservice@sba.
The Town of Lake Park will continue to make our residents and business owners aware of any programs that may be available to them during their crisis. We wish you and yours continued good health.