CONTRIBUTED PHOTOS Deadline for federal economic injury disaster loans approaching
The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations that Jan. 17 is the filing deadline for federal economic injury disaster loans.
Queen Anne’s, Caroline, Dorchester, Kent, Wicomico and Worcester counties in Maryland qualify to apply as a result of the drought from June 1 to Sept. 29 in 2016.
The loans are for working capital and can be up to $2 million with interest rates of four percent for eligible small businesses, and 2.625 percent for nonprofit organizations, and terms up to 30 years.
Under this declaration, the Small Business Administration’s Economic injur y Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.
With the exception of aquaculture enterprises, Small Business Administration cannot provide disaster loans to agricultural producers, farmers or ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
Applicants may apply online using the Electronic Loan Application via the Small Business Administration’s secure website at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms may also be obtained by called the administration’s Customer Service Center at 800-6592955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to email@example.com.
Loan applications can be downloaded from the administration’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, Texas, 76155.
Completed loan applications must be returned no later than Jan. 17, 2018.