Small nonfarm businesses in Lamar County 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 adverse weather conditions and excessive moisture. The deadline to apply is August 18, 2021.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disasters and businesses directly impacted by the disasters,” Garfield said.
Small non-farm businesses, agricultural cooperatives, businesses engaged in aquaculture, and most private non-profit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million. It would help meet financial obligations, and operating expenses lost had the disasters not occurred.
“Eligibility for these loans is based on the financial impact of the disasters only and not on any actual property damage. These loans have an interest rate as low as three percent for businesses and a rate of 2.75 percent for private non-profit organizations. It is a maximum term of 30 years, and are available to small businesses and most private non-profits without the financial ability to offset the adverse impact without hardship,” Garfield said.
By law, SBA makes economic injury available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared these declarations on December 18, 2020.
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, in drought disasters, nurseries are eligible for SBA disaster assistance.
Applicants may apply online, receive additional disaster assistance information, and download applications at https://disasterloanassistance.sba.gov/.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance. Individuals who are deaf or hard of hearing may call (800) 877-8339. You should mail the completed application to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.