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Small business disaster loans available

Marion County small, nonfarm businesses are eligible to apply for low-interest disaster loans from the U.S. Small Business Administration.

“These disaster loans offset economic losses because of reduced revenues caused by drought, excessive heat and high winds beginning April 1, 2011,” said Alfred E. Judd, director of SBA’s Disaster Field Operations Center-West.

Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of any size may qualify for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.

“Eligibility for these loans is based on the financial impact of the disaster only, and not on any actual property damage,” Judd said. “These loans have an interest rate of four percent for businesses and three percent for private, nonprofit organizations, for a maximum term of 30 years.”

Small nonfarm businesses in Chase and Dickinson counties are also eligible.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance.

“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,” Judd said.

Applicants may apply online using Electronic Loan Application via SBA’s secure web site at https://disasterloan.sba.gov/ela. Information and application forms are available from the SBA Customer Service Center at (800) 877-8339. Individuals who are hearing-impaired may call (800)877-8339.

The deadline to apply for these loans is June 27, 2012.

Last modified Nov. 10, 2011

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