Mayor LaToya Cantrell announced that
the U.S. Small Business Administration (SBA) will offer low-interest federal
disaster loans for working capital to small businesses economically impacted by
the Hard Rock Hotel collapse and related evacuation and street closures. Small
businesses and most private nonprofit organizations may qualify for Economic
Injury Disaster Loans of up to $2 million to help meet financial obligations
and operating expenses which could have been met had the disaster not occurred.
Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for small businesses and 2.75 percent for private nonprofit organizations with terms up to 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship. Click here for more information on this opportunity.