Panama City Beach Chamber of Commerce

11/08/2018 | News release | Distributed by Public on 11/08/2018 10:49

SBA Opens Mobile Business Recovery Center in Lynn Haven

The U.S. Small Business Administration (SBA) announced the opening of a Mobile Business Recovery Center (MBRC) to provide one-on-one assistance for businesses. The MBRC in Bay County opens in Lynn Haven, Florida on Friday, Nov. 9. Other Business Recovery Centers in Bay, Calhoun, Franklin, Gulf, Liberty, Taylor, Wakulla and Washington counties are already in operation.

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 Business Recovery Centers are located as indicated below and will operate until further notice.

Bay County Locations
(RV Mobile Business Recovery Center)
Bay County City Job Center parking lot
625 Highway 231
Panama City, FL 32405

Hours: Monday - Saturday, 8 a.m. - 5 p.m.
Closed: Sundays Bay County
(Mobile Business Recovery Center 03)
Lynn Haven City Hall Parking Lot
817 Ohio Avenue
Lynn Haven, FL 32444

Disaster survivors don't have to wait until their insurance claim is settled before applying for an SBA disaster loan because we can approve and disburse the loan funds while the claim is pending. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.

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.

Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.

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. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.

SBA Customer Service Representatives are also located at the Disaster Recovery Centers. If you cannot get to a Center, disaster survivors may register for federal assistance online at and apply for SBA disaster loan assistance using the Electronic Loan Application (ELA) via the SBA's secure website at If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should also call 800-621-3362.