SBA notes approaching deadline for disaster loans | Local News

ATLANTE The US Small Business Administration (SBA) reminds small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations that October 3 is the deadline for filing Federal Economic Disaster Loans in southwestern georgia due to excessive rains that occurred from January 1 to November 30, 2021.

Low interest disaster loans are available in the counties of Brooks, Colquitt, Cook, Mitchell, Thomas, Tift and Worth in Georgia, according to an SBA statement.

Under this statement, the SBA Economic Disaster Loan (EIDL) is available to eligible farm and non-farm entities that have suffered financial loss as a direct result of this disaster. Outside of aquaculture businesses, the SBA cannot make disaster loans to agricultural producers, farmers, and ranchers.

The loan amount can be up to $2 million with interest rates of 3 % for small businesses and 2 percent for private nonprofit organizations, with terms up to 30 years, the SBA said. The SBA determines eligibility based on the applicant’s size, type of business, and financial resources. Loan amounts and conditions are set by the SBA and are based on each applicant’s financial situation. These working capital loans can be used to pay fixed debts, salaries, accounts payable and other bills that could have been paid had the disaster not occurred. Loans are not intended to replace lost sales or profits.

Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure system. website at DisasterLoanAssistance.sba.gov/ela/s/ and must apply under SBA statement #17340.

Disaster loan information and application forms can also be obtained by calling SBA customer service. Service Center at 800-659-2955 (for those who are deaf, hard of hearing or speech impaired, please dial 7-1-1 to access telecommunications relay services), or by emailing [email protected]. Loan applications can be downloaded from the SBA website at sba.gov/disaster. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Submit completed loan applications to SBA no later than October 3, 2022.

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