FLORIDA — Time is running out for small businesses looking to capitalize on a loan program launched after Hurricane Ian.

It is called an Economic Disaster Injury Loan and offers businesses a 3%, 30-year loan twice the amount of its annual earnings, capped at $2 million.

The loans are offering big savings for businesses now strapped for cash thanks to inflation and higher salary demands.

A typical loan for a business right now is between 7% to 9% with more interest rate hikes expected this fall.

Steve Ribble with Guardian Accounting Group in Tampa said the lower interest rate for an Economic Disaster Injury Loan could help businesses save thousands of dollars.

“You are still looking at a 3%, a little over a 3% loan on a 30-year loan which is tremendous,” said Ribble. “I don’t think you are going to find that anywhere right now.”

Businesses do not need to show any proof of hurricane losses to apply for the loan.

Guardian Accounting Group stated it helped over two dozen businesses apply for the loans.

The application process takes around 15 minutes once a business has gathered all its financial info.

“It was a huge help for them,” said Ribble. “A lot of them were struggling with cash flow at the time. Some of the businesses had to shut down and pay employees and things like that. Again, cash flow was an issue. So, these economic disaster loans were a huge help — a big infusion of cash.”

Ribble said small businesses could also use the Economic Disaster Injury loans to consolidate other loans at debt currently at a higher rate of interest than 3%, which could help them realize long-term savings.

The deadline for applications is June 29.

For more information, go to the Hurricane Ian Economic Injury Disaster Loan Program.