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“Submitting an SBA Loan Application” – Florida Community Association Journal

“Submitting an SBA Loan Application” – Florida Community Association Journal

In recent years, when the federal government has offered assistance to Florida community associations, it has primarily done so through the availability of U.S. Small Business Administration (SBA) loans. In response to natural disasters such as Hurricane Ian (2022), SBA loans have been made available to repair and replace disaster-damaged property (physical disaster loans) as well as to meet financial obligations that cannot be met as a direct result of the disaster (economic injury disaster loans). When such loans become available and are needed, the earlier an association submits a loan application, the earlier the application will be processed. Information that a community association will want to have readily available in connection with submitting an SBA loan application includes the following:

1. Copies of tax returns, recent budgets, and the association’s employer identification number (EIN)

2. Rosters of owners and board members

3. Insurance policy information, including the declaration pages for all policies

4. Address information for common areas sufficient to describe where damage occurred

5. The number of association employees

6. The date the association was established

7. Copies of the association’s governing documents, including amendments, may also be handy to have on hand.

To read the original FLCAJ article, please click here.

Joseph Arena is a member of Becker’s Community Association practice and focuses exclusively on the representation of condominium associations and homeowners’ associations in transactional, operational, corporate, and litigation matters. He is also Florida Bar Board Certified in Condominium & Planned Development Law.