EIDL Loans in Clearwater Florida

EIDL Loans in Clearwater Florida

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An EIDL Loan in Clearwater Florida is a small business loan program created by the Small Business Administration (SBA) as a form of federal assistance for the repair and rebuilding of non-farm, private sector disaster losses.

The EIDL can provide up to $2 million of financial assistance - based upon the amount of financial injury - to small businesses or private non-profit organizations that suffer substantial economic injury as a result of the declared disaster in Clearwater Florida.

As a business owner in Clearwater Florida, this program can be extremely helpful if your business was impacted by an unforeseen disaster. If you, as a business owner, have recently endured an economic injury due to a declared disaster, here's what you need to know about EIDL loans.

What is an EIDL Loan in Clearwater Florida?

An Economic Injury Disaster Loan or EIDL loan is a small business loan program used as a form of federal assistance for the repair or rebuilding of non-farm, private sector disaster losses. It exists under the umbrella of Disaster Loan Assistance programs, federally backed to help businesses, private non-profits, homeowners, and renters affected by unforeseen disasters.

To qualify, your Clearwater Florida business will have to be affected by and located within a declared disaster area. You can check disaster declarations to locate disaster areas by state and territory.

Types of Disaster Loan Assistance Programs in Clearwater Florida

Types of Disaster Loan Assistance Programs in Clearwater Florida:

There are several different types of Disaster Loan Assistance loans available to help small or medium-sized businesses when they have been affected by a disaster or unforeseen circumstance.

Please note, these types of loan also qualifies for homeowners and renters affected by disasters, but for the sake of focusing on business owners, we will be discussing relevant loans for small and medium-sized businesses located in Clearwater Florida.

Different types of Disaster Loan Assistance Programs can include:

  • Business Physical Disaster Loans: A business of any size that is located in a declared disaster area and has incurred damage during the disaster, may apply for a loan to help replace the damaged property or restore its pre-disaster condition. This specific loan covers disaster losses not fully covered by insurance.
  • EIDL Loan: Substantial economic injury means the business is unable to meet its obligations and pay its ordinary and necessary operating expenses. EIDL loans provide businesses the necessary working capital to survive until normal operations resume after a disaster.
  • Military Reservists Economic Injury Disaster Loan (MREIDL): The purpose of MREIDL loans is not to cover lost income or lost profits. It provides funds to help eligible small businesses meet its ordinary and necessary operating expenses that it could have met, but is unable to because an essential employee was called to active duty in their role as a military reservist.
  • COVID-19 EIDL Loan: If your small business with 500 or fewer employees has suffered substantial economic injury as a result of the COVID-19 pandemic, you can apply for COVID-19 EIDL. The Coronavirus Aid, Relief, and Economic Security (CARES) Act expanded the SBA's long-standing EIDL program to assist small businesses as we battle the adverse economic effects of the deadly virus.
  • The U.S. Small Business Administration announced the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 pandemic disaster declaration is extended to Dec. 31, 2021, pending the availability of funds.

Who should apply for an SBA EIDL Loan?

If your business has recently been put at risk due to circumstances such as earthquakes, floods, hurricanes, and other rare events - emergency business funding may be the ideal loan for you.

EIDL loan assistance is available to small businesses when SBA determines they are unable to obtain credit elsewhere. If your business suffered a substantial economic injury and are one of the following types of businesses located in a declared disaster area, you may qualify for this program:

  • Small Business
  • Small agricultural cooperative
  • Most private nonprofit organizations
SBA Disaster Loan Requirements in Clearwater Florida

SBA Disaster Loan Requirements in Clearwater Florida

There are four main considerations for an SBA disaster loan - location, credit score, repayment ability, and available collateral.

  • Location: To qualify for an SBA EIDL loan, your business must be located within a declared disaster zone. Check the SBA website to determine if you fall within a qualified area.
  • Credit Score: According to Fundera, the SBA loan minimum credit requirements fall around 620-640. If your score does not meet the minimum, the SBA will consider other factors such as income, utilities, insurance, and other payments to qualify for the SBA disaster loan or other business loan options in Clearwater Florida.
  • Repayment ability: If you have received an EIDL grant through the CARES Act or Coroniavirus Relief Bill, you are not required to repay the funds. However, if you received an EIDL loan, repayment is required. The repayment term will be determined by your ability to repay and will not exceed 30 years.
  • Collateral: If you need an SBA EIDL loan larger than $25,000, lenders will insist on some form of collateral to complete the loan process. Collateral is any property or asset of value that a lender can use to balance the weight of a loan if there is a substantial risk.

Your Clearwater Florida business must also refrain from the following activities to qualify:

  • Any illegal activity as defined by the federal government
  • Any activities of a prurient sexual nature
  • Lobbying
  • Earning more than one-third of its gross income from legal gambling activities.

Advantages of EIDL Loans in Clearwater Florida:

We understand the sense of urgency required when it comes to acquiring the necessary funds to keep your business afloat in difficult times. Luckily, there are some distinct advantages you should take into account when deciding to pursue this type of loan.

  1. Low-Interest Rate: The current interest rate on an EIDL is 3.75% APR for small businesses and a 2.75% interest rate for nonprofit organizations.
  2. Quick Processing: The EIDL loan application process adheres to the fact that many businesses need funds as soon as possible. Once approved, some businesses have reported receiving their funds within 5 to 10 business days.
  3. Flexible, Long-Term Repayment Options: The EIDL loan has a 30-year repayment plan with no prepayment penalty.
  4. Covers Working Capital: Clearwater Florida Businesses can use these funds to cover normal operating expenses such as payroll, health care benefits, rent, utilities, fixed debt payments, repairs, and replacing inventory if needed.


EIDL loans cannot be used for the following purposes:

  • Refinancing new debt
  • Buying new capital assets such as new construction or vehicles
  • Dividends and bonuses
  • Disbursement to owners (unless for the performance of services)

Choose First Union Lending As Your Premier Lender

At First Union Lending, we have an unwavering belief that small and medium-sized businesses in Clearwater Florida deserve the right to access the capital they need to succeed.

Our goal is to build long-term, lasting relationships by providing business owners with what they need when they need it. We pride ourselves on being educated, knowledgeable, and caring when it comes to how we conduct business. We have voluntarily acquired much of the same licensing required by traditional banks to cement our fiduciary responsibility to our clients and our work culture.

We are here to consult, help you save, and guide you and your Clearwater Florida based business to success.

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Only U.S.-Based Businesses are Eligible.

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First Union Lending LLC is a dually licensed Lender/Broker with its main offices located at 4900 Millenia Blvd First Floor Orlando, FL 32839. First Union Lending LLC and its ads are meant for continental United States, including Alaska and Hawaii small business owners. Business Loans offered by First Union Lending LLC have varying rates and terms that can range from 30 - 120 payments and all rates and terms are based on eligibility of the business and its owners. The actual terms are based on credit, business history, industry, amount and terms. As an example, a $5,000 loan paid over 5 years at 8% would have a total repayment of $6,082.92 over the life of the loan. We use the latest encryption to protect sensitive information transmitted online, as well as run our own secure server network to ensure your information is protected offline as well. California loans made pursuant to the California Financing Law, Division 9 (commencing with Section 22000) of the Finance Code. All such loans made through VBJ Consulting, LLC, a licensed finance lender/broker, California Financing Law License No. CFL#60DBO78163

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