Governor Rick Scott Requests Emergency Declaration, Access to Low-Interest SBA Loans for Hillsborough County

4/5/2011; Tallahassee, Fla. – Today, Governor Rick Scott submitted a letter to the U.S. Small Business Administration (SBA), requesting help for residents and business owners in Hillsborough County. On March 31, a severe storm system producing heavy rain, hail, damaging winds, and up to nine tornadoes tore through the county, damaging 153 homes and business properties. Governor Scott is asking the SBA to make a physical disaster declaration for Hillsborough County and offer low-interest SBA loans to affected residents and business owners.

To qualify for a disaster declaration, Governor Scott certified that at least 25 homes and businesses sustained uninsured losses of up to 40 percent or more.

Under SBA guidelines, disaster loans are available to renters, homeowners, business owners and small agricultural cooperatives located in declared disaster areas. If the request is approved, residents and business owners may apply for the disaster loans. Homeowners may receive up to $200,000 for their homes and up to $40,000 for personal property destroyed by the storms. Business owners may receive loans up to $1.5 million for the physical and economic damage they sustained.

Those who qualify, based on credit history, ability to repay and collateral requirements may receive loans at interest rates ranging from 2.563 percent to 5.125 percent for homeowners, and 4 percent to 6 percent for businesses.

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