Disaster loans for small businesses available
Marion County small, nonfarm businesses have until Jan. 7 to apply for federal disaster loans to offset economic losses from the 2014 drought.
Low-interest Economic Injury Disaster Loans (EIDLs) from the U.S. Small Business Administration are for small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations. Loans of up to $2 million help meet working capital needs caused by the disaster.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” SBA field operations director Tanya Garfield said. “EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact.”
The interest rate is 4 percent for businesses and 2.625 percent for private nonprofit organizations, with terms up to 30 years. SBA sets loan amounts and terms based on each applicant’s financial condition.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance.
Applicants may apply online at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms are available by calling (800) 659-2955 or e-mailing email@example.com.
Last modified Dec. 10, 2014