NewsRegion Martin County

Actions

Algae disaster loans unpopular on Treasure Coast

Posted: 6:29 PM, Oct 11, 2018
Updated: 2018-10-12 08:04:01Z

A small business recovery center closed Wednesday for business owners who were hurt by the 2018 algae crisis on the Treasure Coast.

Ed Stout at South River Outfitters had a rough summer.

"Business was down a third, both rental and sales," said Stout.

He was recently considering a U.S. Small Business Administration loan for lost business, but financial experts told him to not do it.

"Couldn't get a guarantee from the state that the discharges would end in 180 days so it was not feasible for us to take the loan," said Stout.

Only a small amount of business owners showed interest in loans.

Then there's Ohana Surf Shop where Tara Schwartz applied for a loan to pay back a bridge loan following the 2016 algae crisis.

"Yes we have to have it, if we want t pay that bridge loan back, that's the only way we're going to be able to do it," said Schwartz. "Just a band aid for a big problem, but it's what we're going to have to do so that's what we'll do."