Disaster loans available for small businesses

Disaster loans available for small businesses

The U.S. Small Business Administration is reminding businesses that Feb. 1 is the filing deadline for federal economic injury disaster loans available to small businesses in Tennessee — including Obion County — as a result of extremely cold temperatures April 5-10, 2007.
Among those eligible to apply are small businesses in Obion, Weakley, Lake, Campbell, Claiborne, Clay, Henry, Macon, Montgomery, Pickett, Robertson, Scott, Stewart and Sumner counties in Tennessee.
“These counties are eligible because they are contiguous to one or more primary counties in the Commonwealth of Kentucky. The Small Business Administration recognizes that disasters do not usually stop at the county or state lines,” said Frank Skaggs, director of the SBA Field Operations Center East. “For that reason, counties adjacent to primary counties named in the declaration are included.”
The SBA’s disaster declaration was issued as a result of a similar action taken by the U.S. Secretary of Agriculture to help farmers recover from this disaster. Under this declaration, SBA’s Economic Injury Disaster Loan 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 ranches are not eligible to apply to the SBA.
Eligible small businesses may qualify for loans up to $1.5 million, which 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, the SBA cannot provide loans to agricultural producers.
Interested business owners should contact the SBA’s Customer Service Center by calling 1-800-659-2955 (or 1-800-877-8339 for the hearing impaired) Monday through Friday from 7 a.m. to 8 p.m. (CST). 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 the SBA no later than Feb. 1.
Published in The Messenger 1.4.08

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