ATLANTA – The U.S. Small Business Administration is reminding small businesses that\u00a0July 5 is the filing deadline for federal economic injury disaster loans available in Somerset and Worcester counties in Maryland.\u00a0 The SBA declared a disaster because of drought and excessive heat that began on April 1, 2010.<\/p>\n
\u201cWhen 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,\u201d said Frank Skaggs, director of SBA\u2019s Field Operations Center East.<\/p>\n
Under this declaration, the SBA\u2019s 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.\u00a0\u00a0Except for aquaculture enterprises, agricultural producers, farmers and ranchers are not eligible to apply to SBA, but nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.<\/p>\n
The loan amount can be up to $2 million with a 4 percent interest rate for eligible small businesses and 3 percent for non-profit organizations with terms up to 30 years.\u00a0 The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources.\u00a0 Loan amounts and terms are set by the SBA and are based on each applicant\u2019s financial condition.\u00a0 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.\u00a0 The loans are not intended to replace lost sales or profits.<\/p>\n
Disaster loan information and application forms may be obtained by calling the SBA\u2019s 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 5:30 p.m., ET or by sending an e-mail todisastercustomerservice@sba.gov<\/a>.\u00a0 Loan applications can be downloaded from the SBA\u2019s Web site at\u00a0www.sba.gov<\/a>. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.<\/p>\n Those affected by the disaster may apply for loans from SBA\u2019s secure Web site at\u00a0https:\/\/disasterloan.sba.gov\/ela\/<\/a>.<\/p>\n Completed loan applications must be returned to SBA no later than July 5, 2011.<\/p>\n","protected":false},"excerpt":{"rendered":" ATLANTA – The U.S. Small Business Administration is reminding small businesses that\u00a0July 5 is the filing deadline for federal economic injury disaster loans available in Somerset and Worcester counties in Maryland.\u00a0 The SBA declared a disaster because of drought and excessive heat that began on April 1, 2010. \u201cWhen the Secretary of Agriculture issues a Read the Rest…<\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1],"tags":[80,236],"class_list":["post-473","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-disaster-loan","tag-sba"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t