PANAMA CITY — The U.S. Small Business Administration (SBA) announced the opening of a RV Mobile Business Recovery Center (MBRC) at ground zero in Panama City on Wednesday, Oct. 17, at 11 a.m. in the parking lot of the Bay County City Job Center to help businesses impacted by Hurricane Michael.

The SBA offers low-interest, long-term disaster loans for physical damage and working capital. SBA representatives at the Centers will provide information about disaster loans, answer questions and assist businesses with completing the SBA application. The Centers are located as indicated below and will operate until further notice:

 

Bay County

Bay County City Job Center parking lot

625 Highway 231, Panama City

Opens: Wednesday, Oct. 17 at 11 a.m.

Monday – Saturday, 9 a.m. – 6 p.m.

Closed: Sundays

 

Franklin County

Franklin County Public Library

311 St. James Ave., Carrabelle

Opens: Wednesday, Oct. 17 at 11 a.m.

Monday – Friday, 9 a.m. – 6 p.m.

Saturdays, 10 a.m. – 2 p.m.

Closed: Sundays

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Applicants may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 3.675 percent for businesses, 2.5 percent for nonprofit organizations and 2 percent for homeowners and renters with terms up to 30 years.

Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to disastercustomerservice@sba.gov.