MONROE - Federal economic injury disaster loans are now available for small businesses in Grant, Green, Lafayette, Rock and Walworth counties affected by this summer's drought.
The U.S. Small Business Administration announced that loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes. The loans are available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of the drought. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers or ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
Loan amounts can be up to $2 million, with interest rates of 3 percent for non-profit organizations and 4 percent for small businesses. Terms can be up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. The agency sets loan amounts and terms based on each applicant's financial condition. The working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online at the SBA's secure website at disasterloan.sba.gov/ela.
Disaster loan information and application forms are available by calling the SBA's Customer Service Center at (800) 659-2955 or (800) 877-8339 for the deaf and hard-of-hearing or by emailing disastercustomerservice@sba.gov.
Completed loan applications must be returned to SBA no later than Monday, April 1, 2013.
The U.S. Small Business Administration announced that loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes. The loans are available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of the drought. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers or ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
Loan amounts can be up to $2 million, with interest rates of 3 percent for non-profit organizations and 4 percent for small businesses. Terms can be up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. The agency sets loan amounts and terms based on each applicant's financial condition. The working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online at the SBA's secure website at disasterloan.sba.gov/ela.
Disaster loan information and application forms are available by calling the SBA's Customer Service Center at (800) 659-2955 or (800) 877-8339 for the deaf and hard-of-hearing or by emailing disastercustomerservice@sba.gov.
Completed loan applications must be returned to SBA no later than Monday, April 1, 2013.