Small Business Owners Still Have Time to Apply |
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By: U.S. Small Business Administration Posted: 2007-06-23 13:57:04 |
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The U.S. Small Business Administration (SBA) is reminding businesses in Clinton, Franklin, Hamilton, Jefferson, Madison, Marion, Monroe, Perry, Randolph, St. Clair, Washington and Wayne counties in the State of Illinois and the counties of St. Louis and St. Louis City in the State of Missouri that Economic Injury Disaster Loans (EIDLs) are still available to small businesses economically impacted by tornadoes, severe storms and flooding July 19 - 21, 2006.
"Small businesses that suffered economic injury losses as a result of the disaster and want to apply for a low-interest loan from the SBA are urged to do so before the July 18, 2007 deadline," said Frank Skaggs, Director of SBA Field Operations Center East. Small businesses may apply for a loan up to $l.5 million if they suffered substantial economic injury from the disaster. These 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. These loans are not intended to replace lost sales or profits. The interest rate on these loans is 4.000 percent, with a maximum term of 30 years. The SBA determines the amount of economic injury, the terms of each loan and the payment amount, based on the financial circumstances of each borrower. To obtain a loan application, interested business owners should contact SBA's Customer Service Center by calling 800-659-2955 (1-800-877-8339 for the hearing-impaired), Monday through Friday from 8 a.m. to 9 p.m. and Saturday from 9 a.m. to 5:30 p.m. EDT. Business disaster 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. The filing deadline for economic injury loan applications is July 18, 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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