Red Tide Recovery Assistance

Economic Injury Disaster Loans (EIDLs) - U.S. Small Business Administration

Economic Injury Disaster Loans are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that can't be met by a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

Credit Requirements

  • Credit History - Applicants must have a credit history acceptable to SBA.
  • Repayment - Applicants must show the ability to repay the loan.
  • Collateral - Collateral is required for all EIDL loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but SBA will require the borrower to pledge collateral that is available.

Interest Rates

The interest rate is determined by formula set by law and is fixed for the life of the loan. The maximum interest rate for this program is 3.385%.

Loan Terms

The law authorizes loan terms up to a maximum of 30 years. SBA will determine an appropriate installment payment based on the financial condition of each borrower, which in turn with determine the loan term.

Loan Amount Limit

The law limits EIDLs to $2,000,000 for alleviating economic injury caused by the disaster. The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administration lending limit. SBA also considers potential contributions that are available from the business and/or owner(s) or affiliates. If a business is a major source of employment, SBA has the authority to waive the $2,000,000 statutory limit.


Businesses can still apply online for the SBA Economic Injury Disaster Loan, at, or you can contact the SBA via email at or (800)659-2955.