The US Dept of Commerce declared a commercial fishery failure declared last week. This declaration can be used to can be used to request disaster relief loans from the SBA. Florida's Department of Economic Opportunity is trying to determine if businesses in Franklin County have suffered substantial economic injury due to the fishery failure. This is occurs when a business is unable to meet its obligations as they mature or to pay its ordinary and necessary operating expenses. Loss of anticipated profits or a drop in sales is not considered substantial economic injury for this purpose. However looking at a drop in sales, the length of time the business will be impacted, the type of business, and typical business cycle of the industry provides the quickest way to determine if the injury is substantial. There must be a minimum of five (5) affected businesses in the area to request a disaster declaration. If you are interested in this program please email us atinfo@apalachicolabay.org and we will forward you the forms to fill out.
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