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Obion County eligible for disaster assistance

Obion County eligible for disaster assistance

Small businesses in Obion County are eligible to apply for U.S. Small Business Administration federal disaster loans being made available throughout the state as a result of drought conditions and higher than normal temperatures that have occurred since Feb. 1.
Among the counties where small businesses are eligible to apply are Obion, Weakley, Lake, Campbell, Claiborne, Clay, Henry, Macon, Montgomery, Pickett, Robertson, Scott, Stewart and Sumner counties.
“These counties are eligible because they are contiguous to one or more primary counties in the Commonwealth of Kentucky,” said Frank Skaggs, director of SBA Field Operations Center East. “The Small Business Administration recognizes that disasters do not usually stop at the county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included.”
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, SBA issues a declaration to assist small businesses affected by the same disaster,” he added.
Under the declaration, SBA’s Economic Injury Disaster Loan program is available to farm-related and non-farm-related small business concerns and small agricultural cooperatives that suffered financial losses as a direct result of the disaster. Farmers and ranchers are not eligible to apply to the 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 the SBA and are based upon each applicant’s financial condition. Under this disaster declaration, the SBA cannot provide loans to agricultural producers.
Interested business owners should contact SBA’s Customer Service Center by calling 1-800-659-2955 (1-800-877-8339 for the hearing impaired) Monday through Friday from 8 a.m. to 9 p.m. EDT (7 a.m. to 8 p.m. CDT). Loan applications can also be downloaded from the SBA’s Web site at www.sba.gov/services/disasterassistance. 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 the SBA no later than June 2, 2008.
Published in The Messenger 10.24.07

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