SBA Makes Small Business Loans Available Following Disaster Declaration

SBA LogoThe U.S. Small Business Administration is offering financial assistance to entities affected by rains and flooding that started in the spring of this year.

The SBA announced today that federal economic injury disaster loans can now be made available to small businesses, agricultural cooperatives, non-profits, and small businesses engaged in aquaculture activities.

Indiana experienced record amounts of rainfall in June of this year. That trend continued into the first half of July before temperatures warmed.

LaPorte, Starke, Marshall, and Pulaski County are included in the disaster declaration after Governor Mike Pence composed a letter sent to U.S. Agriculture Secretary Tom Vilsack asking for the declaration to be made.

The Small Business Administration says it is disallowed from lending to farmers and agricultural producers.

Officials with the SBA say that when the U.S. Department of Agriculture issues a disaster declaration, they issue a similar declaration which opens options for businesses affected by the disaster in that same area.

Low interest small business loans of up to $2-million are available with terms that can be extended up to 30 years.