The U.S. Small Business Administration (SBA) has announced that several four-state counties are now eligible for an economic disaster loan of up to $ 2 million.
Smaller businesses eligible for disaster relief due to drought
Loans are only available to small non-farm businesses, small agricultural cooperatives and small aquaculture businesses, as well as most private non-profit organizations of any size. The funds should help companies in Hawaii, Texas, Idaho and Kansas affected by recent natural disasters meet their financial obligations and operating expenses.
Eligibility for SBA Disaster Loan
Director Tanya N. Garfield of the SBA’s Western Disaster Field Operations Center explained the eligibility requirements: “Eligibility for these loans is based solely on the financial impact of the disaster and not on no real damage to property.
“These loans have an interest rate of 2.94 per cent for businesses and 1.875 per cent for private non-profit organizations for a maximum term of 30 years and are available for small businesses and most private non-profit organizations lack the financial capacity to offset the adverse impact without difficulty. ”
Applicants can apply online as well as receive additional information or download applications from the SBA Disaster Loan Assistance website.
Loans have been offered to small non-farm businesses in three counties in Hawaii to help offset some of the economic losses caused by declining incomes due to droughts in Honolulu and Kalawao counties that began in March. ‘this year. The counties eligible for low-interest federal disaster loans from the U.S. Small Business Administration are:
These loans for economic disasters were made possible in Hawaii after the recent drought was declared a disaster by the U.S. Secretary of Agriculture in May.
There are 22 counties in Texas where small non-farm businesses are now eligible to apply for federal low-interest disaster loans. These loans are also intended to help offset the economic losses caused by the drought that began in March. There are nine main counties that are eligible, including:
There are also 13 neighboring counties that are also eligible and include: Bee, Brazoria, Colorado, DeWitt, Goliad, Harris, Jefferson, Jim Wells, Kleberg, Lavaca, Liberty, St. Patrick and Wharton.
Small non-farm businesses in five Idaho counties and two neighboring Oregon counties are also eligible to apply for federal low-interest disaster loans from the U.S. Small Business Administration. Again, the loans should be used to offset the economic losses or the reduction in income caused by the March drought. The five eligible Idaho counties include one primary county and four neighboring Idaho counties, including:
The two neighboring counties in Oregon that are also eligible now are Baker and Wallowa.
Small non-farm businesses in five Kansas counties can also benefit from the SBA’s low-interest federal disaster loans. The drought also hit these counties hard, so small businesses can use the loans to make up for the economic losses caused by the disastrously dry climate. These counties include:
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