Deadline approaching for SBA loan applications

Deadline approaching for SBA loan applications

The Messenger 05.12.08

The U.S. Small Business Administration is reminding businesses in Tennessee that June 2 is the filing deadline for federal economic injury disaster loans that are available to small businesses as a result of drought conditions and higher than normal temperatures Feb. 1, 2007, and continuing.
Small businesses in the following Tennessee counties are eligible to apply: Obion, Lake, Weakley, Campbell, Claiborne, Clay, Henry, Macon, Montgomery, Pickett, Robertson, Scott, Stewart and Sumner.
“These counties are eligible because they are contigious to one or more primary counties in the Commonwealth of Kentucky. The SBA recognizes that disasters do not usually stop at the county or state lines. For that reason, counties adjacent to primary counties named in the declarations are included,” according to Frank Skaggs, Director of SBA Field Operations Center East.
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 ranchers are not eligible to apply to 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 SBA and are based upon each applicant’s financial condition. Under this disaster declaration, 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 7 a.m.-7 p.m. CDT. Business loan applications can also be downloaded online 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 June 2.

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