Miami-Dade County property owners whose homes or businesses were damaged in recent storms from June 11-14 are now eligible to receive flooding assistance, according to a press release from Mayor Daniella Levine Cava’s office.
A survey by the county’s Department of Emergency Management (DEM) following the flooding resulted in more than 200 responses from businesses and individuals reporting damages. In response, the county has partnered with the U.S. Small Business Administration (SBA) to offer low-interest disaster loans to those affected.
“We want to make sure all our residents that were affected by the recent events are able to get the resources they need to fix their properties and protect them from future events,” said Levine Cava. “As our community faces the growing challenges of climate change, we must make sure that our homes and our infrastructure are resilient and future-ready.”
Loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are also eligible for loans up to $100,000 to repair or replace damaged or destroyed personal property.
A staff member from the county’s Department of Emergency Management documents damaged furniture left out along a street in northeast Miami-Dade.
Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
Interest rates are as low as 4%for businesses, 3.25% for nonprofit organizations, and 2.688%for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
The filing deadline to return applications for physical property damage is Aug. 30, 2024. The deadline to return economic injury applications is April 1, 2025.
SBA staff will be available through July 20 at the North Dade Regional Library, located at 2455 NW 183rd St. in Miami Gardens, to answer questions regarding the disaster loan program. Staff members will be assisting businesses and residents with completing their disaster loan application, accepting documents and providing updates on an application’s status.
Help will be available Tuesday through Friday 9:30 a.m. to 6 p.m. and Saturdays 10 a.m. to 2 p.m. The office will be closed on Sundays.
To apply online and receive additional disaster assistance information, visit sba.gov/disaster.
Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. People who are deaf, hard of hearing, or have a speech disability are advised to dial 7-1-1 to access telecommunications relay services.
