Friday, January 7, 2011

Disaster Assistance Available for Small Businesses from SBA

Sacramento, CA – Small, non-farm businesses in Curry and Linn counties and the neighboring Oregon counties of Benton, Coos, Deschutes, Douglas, Jefferson, Josephine, Lane, Marion and Polk, and Del Norte County in California are now eligible to apply for low-interest disaster loans from the U. S. Small Business Administration (SBA).

“These loans offset economic losses because of reduced revenues caused by the combined effects of excessive rain, flooding and below normal temperatures that occurred in Curry and Linn Counties from April 15 through June 30, 2010,” announced Alfred E. Judd, Director of SBA’s Disaster Field Operations Center West.

“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,” Judd said.

Small, non-farm businesses, small agricultural cooperatives and most private, non-profit organizations of any size may qualify for Economic Injury Disaster Loans (EIDLs) 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 4% for businesses and 3% for private, non profit organizations, 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,” Judd said.

By law, SBA makes EIDLs available when the U. S. Secretary of Agriculture designates an agricultural disaster. Secretary Tom Vilsack declared this disaster at the request of Governor Ted Kulongoski.

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

Information and application forms are available from SBA’s Customer Service Center by calling (800) 659 2955, emailing disastercustomerservice@sba.gov, or visiting SBA’s Web site at http://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans/disaster-loans. Hearing impaired individuals may call (800) 877 8339.

The deadline to apply for these loans is August 29, 2011.

For more information, visit SBA’s Web site at
http://www.sba.gov/category/navigation-structure/loans-grants/small-business-loans/disaster-loans
SBA Field Operations Center - West, P.O. Box 419004, Sacramento, CA 95841

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