THERE IS STILL TIME TO APPLY FOR SBA DISASTER LOAN BEFORE APRIL 26 DEADLINE
ATLANTA - The U.S. Small Business Administration is reminding small businesses and most private non-profit organizations that April 26 is the filing deadline for federal economic injury disaster loans available in New York as a result of frost and freezes that occurred from May 31, 2009 through June 2, 2009. The following counties are eligible to apply: Broome, Chenango, Cortland, Delaware, Herkimer, Lewis, Madison, Oneida, Oswego, Otsego and Tioga.
“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 Frank Skaggs, director of SBA’s Field Operations Center East.
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.
Eligible small businesses and non-profit organizations may qualify for loans up to $2 million. The loans are available at a 4 percent interest rate and terms up to 30 years. Eligibility is 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.
Disaster loan information and application forms may be obtained by calling the SBA’s Customer Service Center by calling 800-659-2955 (800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. to 6 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 April 26, 2010.