SBA federal disaster loans still available for another month
February 22, 2017
Tanya N. Garfield, director of the U.S. Small Business Administration's Disaster Field Operations Center West, Tuesday, Feb. 21, reminded Nevada small nonfarm businesses in Carson City, Lyon, Storey and Washoe counties of the March 21, 2017, deadline to apply for an SBA federal disaster loan for economic injury. These low-interest loans are to offset economic losses because of reduced revenues caused by the drought in Storey County that began May 20, 2016.
According to Garfield, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster.
The interest rate is 4 percent for businesses and 2.625 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant's financial condition.
By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on July 21, 2016.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary's declaration. However, nurseries are eligible for SBA disaster assistance in drought disasters.
Applicants may apply online using SBA's secure website at https://disasterloan.sba.gov/ela.
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Disaster loan information and application forms are also available from SBA's Customer Service Center by calling 800-659-2955 or emailing firstname.lastname@example.org. Individuals who are deaf or hard of hearing may call 800-877-8339. For more disaster assistance information or to download applications, visit https://www.sba.gov/disaster.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
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