Disaster loans available to Marion County small businesses

SACRAMENTO, Calif. – Small nonfarm businesses in 26 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 beginning Nov. 1, 2016, announced Director Tanya N. Garfield of SBA’s Disaster Field Operations Center West.

 
Primary Texas counties: Bowie, Camp, Cass, Delta, Fannin, Harrison, Hopkins, Hunt, Lamar, Marion, Morris, Red River, Titus and Upshur;
Neighboring Texas counties: Collin, Franklin, Grayson, Gregg, Kaufman, Panola, Rains, Rockwall, Rusk, Smith, Van Zandt and Wood;

 

Neighboring Arkansas counties: Little River and Miller;

 

Neighboring Louisiana parish: Caddo;

 

Neighboring Oklahoma counties: Bryan, Choctaw and McCurtain.

 
“SBA eligibility covers both the economic impacts on businesses
dependent on farmers and 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 2.5 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 when the U.S. Secretary of Agriculture designates an agricultural disaster.

 

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration.
However, nurseries are eligible for SBA disaster assistance in drought disasters…

 

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