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Important Information regarding Hurricane Irma.

Currently, our commitment to provide you with valuable information is stronger than ever due to the effects caused by Hurricane Irma in our community.

Please note, that this material has been prepared for informational purposes only, and is not intended to provide and should not be relied on for advice. These financial assistance programs are not made by or through Continental National Bank. Should you have any questions regarding the information provided below, please contact the corresponding agency. 

FEMA Assistance:

Miami-Dade residents may now apply for federal disaster assistance for uninsured and underinsured damage and losses resulting from Hurricane Irma.

To be eligible for federal aid under FEMA’s Individual Assistance Program, storm damage and losses from the hurricane and flooding must have occurred as a result of Hurricane Irma, beginning Sept. 4.

Register with FEMA as soon as possible. If you preregistered with FEMA, you do not have to apply again.

  • Online at at www.DisasterAssistance.gov.
  • On the FEMA Mobile App, or by
  • Calling 800-621-3362 (FEMA). Applicants who use 711 or Video Relay Service may also call 800-621-3362. People who are deaf, hard of hearing or have a speech disability and use a TTY may call 800-462-7585.

Government Assistance Programs:

  1. Florida Small Business Emergency Bridge Loan Program
  2. SBA Disaster Loan Assistance

1.     Florida Small Business Emergency Bridge Loan Program has been been activated by the Governor of Florida as a result of Hurricane Irma.

This program provides a source of expedient cash flow to Florida small businesses that have been physically and/or economically impacted by the storm.  These short-term, interest-free working capital loans are intended to “bridge the gap” between the time a major catastrophe hits and when a business has secured longer term recovery resources, such as sufficient profits from a revived business, receipt of payments on insurance claims or federal disaster assistance. 

Important Information

Please note that applications will be accepted through October 31st, 2017 contingent on the availability of funds.

  • The Emergency Bridge Loan Program is not designed to be the primary source of assistance to affected small businesses, which is why eligibility is linked to pursuit of other sources.
  • Loans made under this program are short-term debt loans made by the state of Florida using public funds.
  • They are not grants.
  • Designated Disaster Area: All of Florida’s 67 counties. (Miami-Dade was declared a designated disaster area)
  • Qualified Applicant: Applications will be accepted by qualified for-profit, privately held small businesses that maintain a place of business in the state of Florida.  Qualified applicants must be a Florida small business that has a minimum of two and maximum of 100 employees that suffered physical damage and/or economic injury as a result of the designated disaster and be established prior to Sept. 4, 2017.
  • Amount: Between $1,000 and $25,000.
  • Term: 90 or 180 days based on individual business circumstances.
  • Interest: Loans will be interest-free for the loan term.
  • Payments: Payments are not required during the established loan term, but loans must be paid in full by end of the designated loan term, otherwise the loan will be considered in default and penalties apply.
  • Payment Process: Loan payments will be made directly by borrowers to Florida First Capital Finance Corporation, the State of Florida appointed program administrator.
  • Non-Payment Penalties: Penalties for non-payment will begin at the expiration of the established term of each loan, and will be as follows:
    • 12% per annum on the unpaid balance for the first 180 days following expiration of the established term.
    • 18% per annum on the unpaid balance thereafter.
    • Default is subject to normal commercial collection process.
Get Started
  1. Review eligibility requirements and loan process.
  2. Download, complete and sign the application form.
  3. Gather required support documentation.
  4. Contact and submit completed and signed application and support documentation to your local Florida Small Business Development Center (SBDC). You can locate your local SBDC at www.FloridaSBDC.org/locations.
Contact Information

For questions regarding the Emergency Bridge Loan Program, please contact the Florida Small Business Development Center (SBDC) Network Headquarters. Email: disaster@floridasbdc.org.  Phone: (850) 898-3489.

2.    SBA Disaster Loan Assistance

SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets.

What Types of Disaster Loans are Available?

  • Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
  • Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
  • Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.

What are the Credit Requirements?

  • Credit History – Applicants must have a credit history acceptable to SBA.
  • Repayment – Applicants must show the ability to repay all loans.
  • Collateral – Collateral is required for physical loss loans over $25,000 and all EIDL loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but requires you to pledge what is available.

What are the Interest Rates?
By law, the interest rates depend on whether each applicant has Credit Available Elsewhere. An applicant does not have Credit Available Elsewhere when SBA determines the applicant does not have sufficient funds or other resources, or the ability to borrow from non-government sources, to provide for its own disaster recovery. An applicant, which SBA determines to have the ability to provide for his or her own recovery is deemed to have Credit Available Elsewhere. Interest rates are fixed for the term of the loan.

What are Loan Terms?
The law authorizes loan terms up to a maximum of 30 years. However, the law restricts businesses with credit available elsewhere to a maximum 7-year term. SBA sets the installment payment amount and corresponding maturity based upon each borrower’s ability to repay.

What are the Loan Amount Limits?

  •  Business Loans – The law limits business loans to $2,000,000 for the repair or replacement of real estate, inventories, machinery, equipment and all other physical losses. Subject to this maximum, loan amounts cannot exceed the verified uninsured disaster loss.
  • Economic Injury Disaster Loans (EIDL) – The law limits EIDLs to $2,000,000 for alleviating economic injury caused by the disaster. The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit. EIDL assistance is available only to entities and their owners who cannot provide for their own recovery from non-government sources, as determined by the U.S. Small Business Administration.

  • Business Loan Ceiling – The $2,000,000 statutory limit for business loans applies to the combination of physical, economicinjury, mitigation and refinancing, and applies to all disaster loans to a business and its affiliates for each disaster. If abusiness is a major source of employment, SBA has the authority to waive the $2,000,000 statutory limit.

  • Home Loans – SBA regulations limit home loans to $200,000 for the repair or replacement of real estate and $40,000 to repair or replace personal property. Subject to these maximums, loan amounts cannot exceed the verified uninsured disaster loss.

What Restrictions are there on Loan Eligibility?

  • Uninsured Losses – Only uninsured or otherwise uncompensated disaster losses are eligible. Any insurance proceeds which
    are required to be applied against outstanding mortgages are not available to fund disaster repairs and do not reduce loan
    eligibility. However, any insurance proceeds voluntarily applied to any outstanding mortgages do reduce loan eligibility.

  • Ineligible Property – Secondary homes, personal pleasure boats, airplanes, recreational vehicles and similar property are not eligible, unless used for business purposes. Property such as antiques and collections are eligible only to the extent of theirfunctional value. Amounts for landscaping, swimming pools, etc., are limited.

  • Noncompliance – Applicants who have not complied with the terms of previous SBA loans may not be eligible. This includes borrowers who did not maintain flood and/or hazard insurance on previous SBA loans.

Note: Loan applicants should check with agencies / organizations administering any grant or other assistance program under this declaration to determine how an approval of SBA disaster loan might affect their eligibility.

Is There Help with Funding Mitigation Improvements?
If your loan application is approved, you may be eligible for additional funds to cover the cost of improvements that will protect your property against future damage. Examples of improvements include retaining walls, seawalls, sump pumps, safe rooms, etc. Mitigation loan money would be in addition to the amount of the approved loan, but may not exceed 20 percent of total amount of physical damage to real property, including leasehold improvements, and personal property as verified by SBA to a maximum of $200,000 for home loans. It is not necessary for the description of improvements and cost estimates to be submitted with the application. SBA approval of the mitigating measures will be required before any loan increase.


Is There Help Available for Refinancing?

  • SBA can refinance all or part of prior mortgages that are evidenced by a recorded lien, when the applicant (1) does not have credit available elsewhere, (2) has suffered substantial uncompensated disaster damage (40 percent or more of the value of the property or 50% or more of the value of the structure), and (3) intends to repair the damage.
  • Businesses – Business owners may be eligible for the refinancing of existing mortgages or liens on real estate, machinery and equipment, up to the amount of the loan for the repair or replacement of real estate, machinery, and equipment.
  • Homes – Homeowners may be eligible for the refinancing of existing liens or mortgages on homes, up to the amount of the loan for real estate repair or replacement.

What if I Decide to Relocate?
You may use your SBA disaster loan to relocate. The amount of the relocation loan depends on whether you relocate voluntarily or involuntarily. If you are interested in relocation, an SBA representative can provide you with more details on your specific situation.

Are There Insurance Requirements for Loans?
To protect each borrower and the Agency, SBA may require you to obtain and maintain appropriate insurance. By law, borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance. SBA requires that flood insurance coverage be the lesser of 1) the total of the disaster loan, 2) the insurable value of the property, or 3) the maximum insurance available.

For more information, contact SBA’s Disaster Assistance Customer Service Center by calling (800) 659-2955, emailing disastercustomerservice@sba.gov, or visiting SBA’s Web site at http://www.sba.gov/disaster. Deaf and hard-of-hearing individuals may call (800) 877-8339. Applicants may also apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.



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