Deadline Approaching to Apply for Low-Interest SBA Disaster Loans

  
 
The Small Business Administration is reminding all small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of all sizes that the filing deadline for federal economic injury disaster loans is May 6. These loans are being offered in all Hoosier counties as a result of the excessive heat, frost, freeze and drought that began on Feb. 1, 2012.

The SBA’s Economic Injury Disaster Loan program is being offered to farm-related and non-farm related entities that meet eligibility requirements and suffered financial losses as a direct result of the unpredictable disastrous weather. However, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers, with the exception of aquaculture enterprises. Nurseries, on the other hand, are eligible to apply for these low-interest economic injury disaster loans for losses caused by drought conditions.

The loans can be as large as $2 million in working capital with interest rates as low as four percent for eligible small businesses, while non-profit organizations are eligible for three percent interest, with terms up to 30 years. Applicants can apply using the Electronic Loan Application on SBA’s secure website, https://disasterloan.sba.gov/ela.

Applicants can also obtain disaster loan information and application forms by contacting the SBA’s Customer Service Center at (800) 659-2955, or by emailing disastercustomerservice@sba.gov. Loan applications can be downloaded from the SBA’s website at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.