While the deadline for applications for physical damage is today, Businesses and Non-profits who suffered from an Economic Injury as a result of the October flooding have until July 5, 2016 to apply for Economic Injury Disaster Loans.
These loans are designed to help meet working capital needs caused by the disaster. Working capital loans are available to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. Eligible entities may qualify for loans up to $2 million. The rates on these loans are 4 percent for small businesses and 2.625 percent for nonprofit organizations with terms up to 30 years. Eligibility for these working capital loans are based on the size and type of business and its financial resources.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at: https://disasterloan.sba.gov/ela.
Applications and program information are available by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by sending an email to disastercustomerservice@sba.gov. Loan applications can also be downloaded from the SBA’s website at www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth,
TX 76155.
Again, the deadline to return economic injury applications is July 5, 2016.