a hurricane as seen from space

Following the devastation of Hurricane Ian, thousands of small businesses and commercial real estate investors are scrambling to get back to normal and restore operations. 

The good news is that the Small Business Administration (SBA) has a program to provide disaster loans at low interest rates to businesses and homeowners as they recover from a declared disaster like Hurricane Ian.

Continue reading as we discuss everything you need to know about receiving disaster loans and hurricane relief from the SBA Office of Disaster Assistance. 

Eligible Areas and Deadlines for Disaster Loan Assistance

The regions that are eligible for SBA disaster loan assistance from Hurricane Ian include the following counties in Florida: Charlotte, Collier, DeSoto, Hardee, Hillsborough, Lee, Manatee, Orange, Osceola, Pinellas, Polk, Sarasota and Seminole.

For economic injury only, qualifying applicants in the following Florida counties are eligible to apply: Brevard, Broward, Glades, Hendry, Highlands, Indian River, Lake, Miami-Dade, Monroe, Okeechobee, Pasco, Sumter and Volusia.

Applications for physical damage must be submitted by November 28, 2022, and applications for economic injury relief must be submitted by June 29, 2023. 

It’s important to mention that businesses of all sizes are eligible to apply for a disaster loan, and loan applicants can also include non-profit organizations like churches and charities. 

What Types of Small Business Disaster Loans are Available?

There are a number of loan types available as financial assistance for those affected by Hurricane Ian. 

    • Home loans: available to homeowners or renters to make repairs or replace disaster-related real estate or personal property damage.
    • Physical business loans: for businesses to repair or replace disaster-related damage to property owned by the business (can include real estate, inventory and machinery and equipment).
    • Economic Injury Disaster Loans (EIDL): working capital loans throughout the disaster recovery period to aid small businesses, small agricultural cooperatives, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations.

A business may qualify for both an EIDL and physical disaster loan, for a combined maximum loan amount of $2 million. In addition, the SBA will only grant EIDL assistance if they’ve determined the organization cannot access credit elsewhere. 

Qualifications for SBA Disaster Loans 

There are four main qualifications for SBA disaster loans: 

  • Location requirements: If you operate in an area declared a disaster zone by the federal government. 
  • SBA disaster loan credit score requirements: Minimum credit scores of 620-640 (may consider other factors like utility, rent, insurance and other payments in the case of disaster loan assistance).
  • Collateral: Required for any SBA disaster loan over $25,000 (SBA prefers this to be real estate).
  • Repayment: SBA disaster loans have a one-year deferment and 30-year repayment term plus interest (no penalties for prepayment).

How to Apply for a Disaster Loan

Businesses and homeowners in the affected counties are encouraged by the SBA to apply online if they are eligible for the abovementioned disaster loan assistance. After they’ve applied, they can check their account online for any updates on the progress of the loan. 



Established in 1998 and headquartered in Simi Valley, CA, AVANA CUSO is one of the most seasoned credit union service organizations (CUSO) focused on commercial lending. We partner with credit unions to connect them to commercial real estate investors across the United States. For decades, we have offered competitive and collaborative loans and uniquely support and guide our partners through the entire lifecycle of our loans. AVANA CUSO is a proud member of the AVANA Family of Companies.

Contact us today to learn more about becoming an AVANA CUSO partner.