SBA loan deadline is July 7
POSTED: June 14, 2008
ATLANTA — The U.S. Small Business Administration is reminding businesses that July 7 is the filing deadline for federal economic injury disaster loans that are available to small businesses located in the state of New York as a result of the drought that occurred on June 1, 2007.
Small businesses in the following counties are eligible to apply: Allegany, Cattaraugus, Chautauqua, Erie, Livingston, Steuben and Wyoming.
Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to farm-related and nonfarm-related small business concerns and small agricultural cooperatives that suffered financial losses as a direct result of this disaster. 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.
Eligible small businesses may qualify for loans up to $1.5 million. These loans are available at a 4 percent interest rate with loan terms up to 30 years. SBA determines eligibility for the program based on the size and type of business and its financial resources. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition. Under this disaster declaration, SBA cannot provide loans to agricultural producers.
Interested business owners should contact SBA’s Customer Service Center by calling 1-800-659-2955 (for the hearing impaired 1-800-877-8339), Monday through Friday from 8 a.m. until 8 p.m. (EDT) or by emailing their customer service center at disastercustomerservice@sba.gov. Loan applications can be downloaded from the SBA’s Web site at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Completed loan applications must be returned to SBA no later than July 7, 2008.
