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Disaster assistance is available for small businesses |
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Written by Staff Reports
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Tuesday, 22 July 2008 |
Small non-farm businesses in 26 Texas counties, including Nolan County, and two New Mexico counties may now apply for low-interest disaster loans from the U.S. Small Business Administrationi.
These disaster loans offset economic losses because of reduced revenues caused by adverse weather conditions in the primary counties, according to Alfred E. Judd, who is the director of the SBA's Disaster Field Operations Center — West.
Small businesses in Nolan County and neighboring counties such as Jones, Kent, Mitchell, Scurry, Stonewall and Taylor may apply for working capital loans to offset economic losses that are attributable to the impact of high winds and hail that occur between April 23, 2008 and Feb. 27, 2009.
Small businesses and most private, non-profit organizations of any size may qualify for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet financial obligations and operating ex-penses which could have been met had the disaster not occurred.
Eligibility for thse loans is based on the financial impact of the disaster only and not on any actual property damage.
These loans have an interest rate of 4 percent, a maximum term of 30 years, and are restricted to small businesses without the financial ability to offset the adverse impact without hardship, Judd said.
By law, SBA makes EIDLs available when the U.S. Secretary of Agriculture designates an agricultural disaster. Agriculture Secretary Ed Sch-afer declared these disasters at the request of Gov. Rick Perry.
Businesses primarily en-gaged in farming or ranching are not eligible for SBA disaster assistance.
Agricultural enterprises should contact the Farm Services Agency (FSA) about the U.S. Department of Agri-culture (USDA) assistance made available by the secretary's designation. How-ever, in drought disasters nurseries are eligible for SBA disaster assistance.
Information and application forms are available from SBA's Customer Service Center by calling (800) 659-2955, emailing
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, or visiting SBA's Web site at www.sba.gov/services/disasterassistance. Hearing impaired individuals may call (800) 877-8339. |
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Last Updated ( Tuesday, 22 July 2008 )
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