SBA Helps Floridians Build Back Stronger Increase Loan to Mitigate Future Disaster Losses

ATLANTA – Florida residents and businesses approved for a disaster loan from the U.S. Small Business  Administration (SBA) as a result of Hurricane Ian, Hurricane Nicole and the severe storms, tornadoes and  flooding in Broward County, have two years from the date of their loan approval to request an increase to  prevent or minimize damages from similar disasters in the future. Mitigation funds from the SBA are an  affordable way for survivors to rebuild smarter, stronger, and pay for improvements that protect life and  property. 

“The opportunity to include measures to help prevent future damage from occurring is a significant  benefit of SBA’s disaster loan program,” said SBA Associate Administrator Francisco Sanchez, Jr.  “I encourage everyone to consult their contractors and emergency management mitigation specialists  for ideas and apply for an SBA disaster loan increase for funding.” 

Businesses and homeowners may be eligible for a loan increase up to 20 percent of their physical  damages, as verified by the SBA, to cover the cost of improvements. Examples of mitigation  improvements may include hurricane-rated garage doors, hurricane shutters, or pressure-rated  windows. Also, mitigation can be used to install a safe room or storm shelter built to Federal Emergency  Management Agency guidelines. To learn more about mitigation options visit sba.gov/mitigation. 

For more information, call 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability,  please dial 7-1-1 to access telecommunications relay services) or email  [email protected] and ask about increasing your SBA disaster loan for mitigation  purposes.

About the U.S. Small Business Administration 

The U.S. Small Business Administration helps power the American dream of business ownership. As the  only go-to resource and voice for small businesses backed by the strength of the federal government, the  SBA empowers entrepreneurs and small business owners with the resources and support they need to  start, grow or expand their businesses, or recover from a declared disaster. It delivers services through  an extensive network of SBA field offices and partnerships with public and private organizations. To  learn more, visit www.sba.gov.