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CFO Sink Welcomes News of SBA Disaster Loans for 25 Counties Affected Economically by Oil Spill

5/14/2010

CONTACT: Jerri Franz, 850-413-2842
TALLAHASSEE—Florida CFO Alex Sink applauded the news today that the the U.S. Small Business Administration is designating 25 Florida coastal counties eligible for economic injury disaster loans in response to the Deepwater Horizon oil spill.

“This news could not have come at a better time for our coastal businesses who are watching the most economically important season of their year slip away and worried how they are going to survive this disaster,” said CFO Sink.  “It was clear that the federal government needed to make our coastal businesses eligible for these loans, and I am pleased the Governor’s request for assistance for Florida’s counties was acted on by the SBA.  I also want to reiterate that BP must be held accountable in the long-run for making sure the income lost by our businesses is repaid.”

On Monday, CFO Sink sent a letter to Governor Crist requesting the action, noting that only a governor can certify to the SBA that there are qualifying businesses in a disaster area. On Wednesday, Governor Crist sought the SBA declaration.  The declaration was issued and made effective yesterday, May 13, 2010.

Almost two weeks ago, CFO Sink sent a letter to SBA Administrator Mills asking for expedited federal disaster loans and a temporary suspension of loan repayments for Florida coastal businesses impacted by the spill.

While Florida has not seen any physical impacts to its vibrant beaches and seafood supply, coastal businesses are receiving cancellations for everything from lodging and fishing expeditions to orders for local seafood. These loans open up an important line of assistance for Florida's small businesses as they feel the negative impact of this oil spill.

The declared counties are identified as primary “adversely affected” or contiguous to an affected county. The counties declared as primary counties are Bay, Citrus, Dixie, Escambia, Franklin, Gulf, Hernando, Hillsborough, Jefferson, Levy, Manatee, Okaloosa, Pasco, Pinellas, Santa Rosa, Sarasota, Taylor, and Walton. The contiguous counties are Alachua, Calhoun, Charlotte, DeSoto, Gilchrist, Hardee, Holmes, Jackson, Lafayette, Leon, Liberty, Madison, Marion, Polk, Sumter, Wakulla, and Washington.

Businesses and small agricultural cooperatives without available credit can apply for loans with a four percent interest rate over 30 years.  Non-profit organizations without available credit can apply for loans at a three percent interest rate. Businesses in affected counties may apply for an Economic Injury Disaster Loan (EIDL) until February 14, 2011.  Applicants may submit completed application loans to:

U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport RoadA
Fort Worth, Texas 76155

For more information on CFO Sink’s work after the massive Deepwater Horizon oil spill started to threaten our state, visit http://www.MyFloridaCFO.com/OilSpill.

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