Loans available for small businesses
Published 12:00 am Wednesday, March 17, 2021
For flooding, cold in 2020
The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations that April 12 is the filing deadline for federal economic injury disaster loans in Ohio due to excessive moisture and cold temperatures from April 10–May 30, 2020.
The loans are available in the counties of Lawrence, Athens, Gallia, Jackson, Meigs and Vinton.
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Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Except for aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers or ranchers.
The loans are for working capital and can be up to $2 million with interest rates of 3.75 percent for eligible small businesses and 2.75 percent for nonprofit organizations, with terms up to 30 years.
The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. 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. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan@sba.gov and should apply under SBA declaration # 16582, not for the COVID-19 incident.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to DisasterCustomer Service@sba.gov.
Loan applications can be downloaded from the SBA’s website at 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.
Submit completed loan applications to SBA no later than April 12.