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SBA Economic Injury Disaster Loans Available to Area Small Businesses

 

SBA
Small nonfarm businesses in 26 Texas counties; neighboring Arkansas and Oklahoma counties; and a neighboring Louisiana parish are now eligible to apply for low‑interest federal disaster loans from the U.S. Small Business Administration. These loans offset economic
losses because of reduced revenues caused by the drought in the following
primary counties beginning Nov. 1, 2016, announced
Director Tanya N. Garfield of SBA’s Disaster Field Operations Center ‑ West.

Primary Texas counties: Bowie, Camp, Cass, Delta, Fannin, Harrison,
Hopkins, Hunt, Lamar, Marion, Morris, Red River, Titus and Upshur;
Neighboring Texas counties: Collin, Franklin, Grayson, Gregg, Kaufman,
Panola, Rains, Rockwall, Rusk, Smith, Van Zandt and Wood;
Neighboring Arkansas counties: Little River and Miller;
Neighboring Louisiana parish: Caddo;
Neighboring Oklahoma counties: Bryan, Choctaw and McCurtain.

“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,”
Garfield said.

Small nonfarm businesses, small agricultural cooperatives, small businesses
engaged in aquaculture and most private nonprofit organizations of any size
may qualify for Economic Injury Disaster Loans of up to $2 million to help
meet financial obligations and operating expenses which could have been met
had the disaster not occurred.

“Eligibility for these 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 3.125 percent for businesses and 2.5 percent for private
nonprofit organizations, a maximum term of 30 years and are available to
small businesses and most private nonprofits without the financial ability
to offset the adverse impact without hardship,” Garfield said.

By law, SBA makes Economic Injury Disaster Loans available when the U.S.
Secretary of Agriculture designates an agricultural disaster.

Businesses primarily engaged in farming or ranching are not eligible for
SBA disaster assistance. Agricultural enterprises should contact the Farm
Services Agency about the U.S. Department of Agriculture assistance made
available by the Secretary’s declaration. However, nurseries are eligible
for SBA disaster assistance in drought disasters.

Applicants may apply online using SBA’s secure website at
https://disasterloan.sba.gov/ela.