Convene a Business Task Force, led by the

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NAYANA SEN NORTH FLORIDA DISTRICT OFFICE SPOKESPERSON U.S. SMALL BUSINESS ADMINISTRATION Learn how to apply for for the Disaster Loan Assistance Program The U.S. Small Business Administration issued a disaster declaration March 18, activating lowinterest loans for business owners statewide to deal with the loss of revenue from the response to the coronavirus.

SBA North Florida District Office spokesperson Nayana Sen said the administration will begin weekly conference calls March 26 to help business owners apply for the Disaster Loan Assistance Program.

Sen said the conference calls are free to business owners and will be from 10-11 a.m. and 3-4 p.m. Thursdays. For access, visit sba.gov/ northflorida. Disaster loan applications are at disasterloan.sba.gov. The assistance is retroactive to Jan. 31, and all counties in Florida qualify. Businesses, agricultural cooperatives and nonprofits without credit available elsewhere can apply.

Requirements: • Businesses must have an acceptable credit history and show the ability to repay.

• Collateral is required for loans more than $25,000. Real estate is accepted as collateral. Loan terms: • 3.75% interest rate • 2.75% for nonprofits • Maximum 30-year term • $2 million borrow limit SBA guidelines say if a business is a “major source of employment,” the administration has the authority to waive the $2 million statutory limit. The language did not define that.

Sen said the webinars will include local SBA partners to provide industry-specific advice for responding to COVID-19.

Business owners will have access to the Small Business Development Center at the University of North Florida, the Jacksonville Women’s Business Center and SCORE Jacksonville, a mentorship program for business startups.

Sen said the SBA also is deferring payments on existing disaster loans through Dec. 31.

She added the speed at which the aid is delivered can depend on the business owner.

“Processing time is 15 to 30 days,” she said. “The more information they have on hand and quicker they provide information, the more quickly they get their loan.”

MIKE MENDENHALL Sen

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