Hurricanes Hit Small Businesses Hard, Some Face Uncertain Future

Small businesses are still struggling across Florida after being pummeled during an unprecedented hurricane season.

The Small Business Administration said loans to businesses in Florida are expected to top $1.4 billion. That's more than the previous 15 years of loans combined for the SBA region that covers Florida.

The average loan was about $30,000 to be paid back over the next 30 years at almost three percent.

That number is still likely to climb higher as business owners have until December to apply for loans to cover physical damage and until May to cover economic losses.

The agency's southeast regional director Michael Allen said the SBA has approved nearly 3,000 business loans for the four hurricanes totaling more than $129 million.


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