Federal Loans Available For Business Losses from Tropical Storm Debby

Hillsborough County small businesses and most nonprofit groups are eligible for low-interest loans to help recover economic losses from Tropical Storm Debby.

The U.S. Small Business Administration declaration covers small businesses, including small aquaculture operations and small agriculture cooperatives along with the nonprofit organizations that may have lost revenue because of the storm that hit late last month.

Landlords who lost rental income are also eligible for the Economic Injury Disaster Loans.

Hillsborough was one of 20 counties declared eligible to recover financial losses, but the county is not among the Florida counties eligible to recover losses from any physical damage Debby caused, according to a news release from Hillsborough County.

Businesses in Hillsborough are eligible for the loans even if they were not physically damaged by the storm, said Preston Cook, director of Hillsborough County Emergency Management.

The loans will cover losses if the road by your business was closed, you had to shut down for a few days or maybe your suppliers couldn't get to you, Cook said as examples.

"It could be that you couldn't operate but still had to make payroll. Regular insurance will usually not cover economic injury," he said.

The business loans available in Hillsborough County come with interest rates as low as 3 percent for nonprofits and 4 percent for businesses with the amounts and terms set by the SBA.

The deadline to apply is April 3, 2013.

Debby's slog over Florida spared Hillsborough from more severe damage seen in nearby counties.

There was street flooding and water got into some homes and buildings, Cook said.

"Fortunately for our residents we didn't have a ton of damage. We're still concerned because we care about our residents," he said.

Businesses can apply online at the SBA’s website and can call the SBA at 800-659-2955.

Homeowners who suffered damage may seek help from the county’s Homeowner Rehabilitation Program at 813-612-5397.

You can also visit SBA offices set up in Pasco or Pinellas counties, Cook said.

Pinellas, Pasco and Hernando counties were among those eligible for federal aid covering a wider range of losses from the storm’s damage. Residents in those counties may be able to receive temporary housing and home repair grants and low-cost loans for properties that are uninsured.