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Drought-related SBA disaster loans available in Illinois, Missouri counties

Posted: Jul. 30, 2012 7:33 am Updated: Nov. 29, 2014 12:19 am

Drought-related federal economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes located in Adams, Brown, Calhoun, Morgan, Pike and Scott counties in Illinois and Marion, Pike and Ralls counties in Missouri.

"When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster," said Frank Skaggs, director of SBA's Field Operations Center East in Atlanta.

Loans are available up to $2 million with interest rates of 3 percent for private nonprofit organizations of all sizes and 4 percent for small businesses, with terms up to 30 years. Eligibility is based on size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition. The working capital loans may be used to ay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred; loans are not intended to replace lost sales or profits.

With the exception of aquaculture, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.

Application deadline is March 25, 2013.

Applicants may apply online via SBA's secure website at disasterloan.sba.gov/ela. Disaster loan information and application forms also are available by calling the SBA's Customer Service Center at (800) 659-2955, sending email to disastercustomerservice@sba.gov and can be downloaded at sba.gov.

 

 

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