SACRAMENTO, Calif. – Small nonfarm businesses in 11 Texas counties; neighboring Arkansas and Oklahoma counties; and a neighboring Louisiana parish are now eligible to apply for low interest federal disaster loans from the U.S. Small Business Administration. These loans offset economic losses because of reduced revenues caused by the drought in the following primary counties that began Nov. 15, 2016, announced Director Tanya N. Garfield of SBA’s Disaster Field Operations Center – West.
Primary Texas counties: Bowie, Cass, Morris, Red River and Titus;
Neighboring Texas counties: Camp, Delta, Franklin, Lamar, Marion and Upshur;
Neighboring Arkansas counties: Little River and Miller;
Neighboring Louisiana parish: Caddo;
Neighboring Oklahoma counties: Choctaw and McCurtain.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers nd ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Garfield said.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 3.125 percent for businesses and 2.500 percent for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship,” Garfield said.
By law, SBA makes Economic Injury Disaster Loans available…
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