SBA Economic Injury Loans Still Available for Businesses Impacted by Last Year's Crop Losses |
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By: U.S. Small Business Administration Posted: 2007-05-12 06:20:20 |
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The U.S. Small Business Administration (SBA) is reminding businesses that were economically impacted due to damages and losses to crops caused by excessive rain, hail and high winds May 11, 2006 and continuing, that there is still time to apply for assistance.
"SBA's disaster declaration was issued as a result of a similar action taken by the Secretary of Agriculture to help farmers recover from," said Frank Skaggs, Director of SBA Field Operations Center East. "We encourage those affected to submit their loan applications prior to the June 4th deadline," Skaggs added. Under this declaration, SBA's Economic Injury Disaster Loan (EIDL) program is available to farm-related and non-farm-related, small business concerns and small agricultural cooperatives that suffered economic injury as a direct result of this disaster. Farmers and ranchers are not eligible to apply to SBA. These economic injury disaster loans are available to small businesses located in primary counties of Dutchess, Jefferson, Ontario, Schuyler, Seneca and Wayne and contiguous counties of Cayuga, Chemung, Columbia, Lewis, Livingston, Monroe, Orange, Oswego, Putnam, St. Lawrence, Steuben, Tompkins, Ulster and Yates in the State of New York. Eligible small businesses may qualify for loans up to $1.5 million. These loans are available at a 4 percent interest rate with loan terms up to 30 years. SBA determines eligibility for the program based on the size and type of business and its financial resources. Loan amounts and terms are set by SBA and are based upon each applicant's financial condition. Under this disaster declaration, SBA cannot provide loans to agricultural producers. Interested business owners should contact SBA's Customer Service Center by calling 1-800-659-2955 (1-800-877-8339 for the hearing-impaired), Monday through Friday from 8 a.m. until 9 p.m. EDT. Business loan applications can also be downloaded from the SBA's website at http://www.sba.gov/services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center -- 14925 Kingsport Road, Fort Worth, TX 76155. Completed loan applications must be returned to SBA no later than June 4, 2007. For more information about the SBA's Disaster Loan Programs, visit our website at http://www.sba.gov/services/disasterassistance. |
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