The US Small Business Administration is reminding local businesses that they have exactly one month from today to apply for an SBA federal disaster loan for economic injury case b Tropical Storm Gita in February.
Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West said that Dec. 3, 2018, is the last day to apply,
To date, SBA has approved 51 loans for $1,956,700 for businesses and 635 loans for homeowners and renters for $9,226,700.
According to Garfield, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster.
She said, “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage.
The interest rate is 3.58 percent for businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
