We know the well is capped and some say most of the oil is gone, but sometimes the effect takes awhile to have an effect on businesses.
Today we opening a Business Recovery Center in Key West.
This is similar to the Centers we have in Bay, Gulf, Franklin and Wakulla Counties—it’s a place where a business owner (or boat captain) can go, sit down face-to-face with an representative from the U.S. Small Business Administration and get some straight answers. The folks we have in the Centers across the Panhandle are experienced business people—many of them have owned small businesses—who also know what SBA requires in their applications and how the process works.
SBA has issued 731 applications to businesses in Florida who have been affected; 247 of those businesses have completed and returned their applications and SBA has approved over $4.6Million so businesses in Florida can stay in business. These funds cover payroll, rent or mortgage payments, boat payments, insurance payments and other necessary business expenses that an owner is unable to pay due to the effects of the BP Oil Spill on their business. They cover necessary operating expenses—sometimes the most difficult loans for a business to get.
These loan funds come directly from the U.S. Treasury. These is no costs of application. You pay interest (at 4% for businesses and 3% for non-profits) only on the funds you use. And while your business recovers and you sort out your claims with BP or others, SBA will defer any payment for up to a year.
We are turning these loans around in an average of nine days. Everyday we overnight completed applications to our processing center in Ft. Worth so the next morning someone is working to get business owners the necessary money to stay in business.
SBA FL 12172 Report by County - Issued_Received_Approved - 08 09 10 (2)
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