Hurricane damage? How Broward businesses get funding while they wait on insurance.

The gap nobody plans for

Insurance is supposed to make you whole. Eventually. The problem is the "eventually."

Florida law gives insurers 60 days after they get notice of a claim to pay or deny it, for residential claims and for commercial buildings up to 10,000 square feet. Bigger commercial properties aren't on that clock at all. And 60 days is the outer limit when things go smoothly, which after a big storm they usually don't.

Meanwhile your bills don't care. Rent, payroll, the loan on the truck, the inventory that got soaked. That stretch between the storm and the insurance check is where good businesses get into real trouble.

So the question isn't "should I borrow?" It's "which money fits which part of the gap?"

Option 1: SBA disaster loans

This is the one to check first, because it's usually the cheapest money you'll find. The catch: it only exists after a federal disaster declaration that covers your area.

Two kinds of SBA disaster loans

• Business physical disaster loans cover repairing or replacing what the storm damaged: the building, machinery, equipment, fixtures, inventory and leasehold improvements. Businesses of any size can apply. The rate tops out at 4% if you can't get credit elsewhere, and 8% if you can.
• Economic Injury Disaster Loans (EIDL) are working capital to cover bills you can't pay because of the disaster, even if your place wasn't damaged. These are for small businesses that can't get credit elsewhere, at up to 4%. One catch: a slow month or lost profits alone doesn't count. You have to show real economic injury from the disaster.

Don't wait on your insurance to apply

This is one of the most common mistakes. Owners think they have to settle with insurance first. The SBA says the opposite, in plain words: "Disaster survivors should not wait to settle with their insurance company before applying for a disaster loan."

Here's how it works. The SBA can lend against your full loss up front. When the insurance money lands, it goes toward paying down the loan. Waiting just puts you at the back of the line.

Every declaration has two deadlines: a shorter one for property damage and a longer one for economic injury. In one 2023 SBA release, for example, the property damage deadline was June 14 and the economic injury deadline wasn't until the following January 15. Check the dates for your declaration on the SBA's disaster search tool, and don't let the short one pass.

Option 2: Florida's Emergency Bridge Loan

After some storms, the state switches on the Florida Small Business Emergency Bridge Loan Program through FloridaCommerce. It isn't always open. It gets activated for specific storms and specific counties.

When it was activated after Hurricane Milton in October 2024, the terms were:

• Up to $50,000 for most small businesses (more for agriculture, aquaculture, citrus and cattle)
• 0% interest, short-term, paid back in full (it's a loan, not a grant)
• Applications through FloridaJobs.org/EBL, open until the deadline or until the money ran out

Think of it as a true bridge: fast, interest-free money to keep the lights on until the bigger money (insurance or SBA) comes through. If it's active after a storm, apply early. The fund is capped, and it does run out.

Option 3: private working capital

Online lenders and revenue-based funders can often fund in days, not weeks. That speed is the whole point. It's also why this money costs more than SBA or state money.

When it makes sense:

• Payroll is due before SBA or insurance money can possibly arrive
• You need to buy inventory or equipment now to reopen and start earning again
• Your area hasn't been declared yet, so the SBA isn't an option

How to use it without getting burned:

• Ask for the total payback amount, not just the rate or "factor." Know the full dollar figure you'll repay.
• Borrow for the gap, not the rebuild. Cover the weeks until cheaper money arrives, then pay it off.
• Don't stack advances. Taking a second or third advance on top of the first is how a storm turns into a debt spiral.

What to have ready (before you call anyone)

Every one of these options moves faster if you show up organized:

• Photos and video of the damage, taken before cleanup
• Your insurance claim number and adjuster's contact info
• A list of damaged equipment and inventory, with rough values
• Your last 3 to 6 months of business bank statements
• Your most recent business tax return
• Your lease, or your mortgage statement if you own the building

Broward has been here before

Broward County has been part of six federal major disaster declarations for storms and floods since 2017, according to FEMA. Each one opened the door to SBA disaster loans for local businesses.

The April 2023 flooding is a good reminder that it doesn't take a named hurricane. Plan for the gap before the next one.

More on funding and local resources for Broward owners: small business funding in Broward County.

Local help

If you'd rather talk it through with someone local first:

• Florida SBDC at FAU, Broward office at 3200 College Ave, Suite 320, Davie. Business consulting and help with access to capital. 954-235-8605.
• SBA South Florida District Office, the SBA office that covers Broward, including disaster programs.

helpmegetfunding.com is operated by Gotham Capital Funding. We're not a direct lender, and this guide isn't financial or legal advice. Program terms, rates and deadlines change with each disaster declaration, so confirm the current details with the SBA, FloridaCommerce or your insurer.