SBA DISASTER LOAN DEADLINE IS MAY 10
ATLANTA - The U.S. Small Business Administration is reminding small businesses that May 10 is the filing deadline for federal economic injury disaster loans that are available in Iowa as a result of excessive rainfall and flooding that occurred from April 1 2009 through July 31, 2009.
These loans are available in the following counties: Clinton, Des Moines, Louisa, and Muscatine in Iowa.
“These counties are eligible because they are contiguous to one or more primary counties in Illinois. SBA recognizes that disasters do not usually stop at the county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” said Frank Skaggs, director of SBA’s Field Operations Center East.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster,” said Skaggs.
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. Agricultural producers, farmers and ranchers are not eligible to apply to SBA.
The loan amount can be up to $2 million with a 4 percent interest rate and 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. These loans are not intended to replace lost sales or profits.
Disaster loan information and application forms may be obtained by calling the SBA’s Customer Service Center 800-659-2955 (800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. to 6 p.m. and Saturday from 9 a.m. to 5 p.m. EDT, or by sending an e-mail to firstname.lastname@example.org. Loan applications can be downloaded from the SBA’s Web site at 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.
Those affected by the disaster may apply for disaster loans from SBA’s secure Web site at https://disasterloan.sba.gov/ela/.
Completed loan applications must be returned to SBA no later than May 10, 2010.