Small businesses affected by drought can apply for SBA disaster loans through Sept. 23
09/03/2014 11:41 AM
09/03/2014 11:43 AM
Small, nonfarm businesses in 39 California counties – including Sacramento, Placer, El Dorado and Yolo – have until Sept. 23 to apply for Economic Injury Disaster Loans through the U.S. Small Business Administration.
The loans are meant to offset economic losses related to the drought that began Jan. 14, according to the SBA.
Those who may qualify for loans include small nonfarm businesses, agricultural cooperatives, small aquaculture businesses and most private, nonprofit organizations. Businesses primarily engaged in farming or ranching are not eligible for the SBA disaster assistance.
Loans are available for up to $2 million to help meet financial obligations and operating expenses. The loans have interest rates ranging from 4 percent for businesses to 2.6 percent for private nonprofits, with terms up to 30 years.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” said Tanya Garfield, director of SBA’s Disaster Field Operations Center in the west.
Applicants may apply online at disasterloan.sba.gov or by calling (800) 659-2955.
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