Deadline nears for SBA disaster loans
Businesses affected by last spring’s flooding have one more month to submit applications for federal Economic Injury Disaster Loans from the Small Business Administration.
In a statement the agency said the filing deadline for the loans is April 23.
Eligible small businesses may qualify for loans up to $1.5 million. Interest rates are 4 percent and loans may be carried up to 30 years. Eligibility is based on the size and type of business and financial resources, and will include a review of debt-to-worth ratio, ability to repay debt and adequate working capital and collateral.
The SBA’s EIDL program is available to farm related and non-farm related small businesses and small agricultural cooperatives that were affected economically by the rains and flooding of May 2006. Farmers and ranchers are not eligible for SBA loans.
For more information about the SBA’s disaster loan program or to download an SBA loan applications visit www.sba.gov/services/disasterassistance — TRACIE STONE