Disaster Assistance For U.S. Non-Farm Small Businesses

Published: Wednesday, July 20, 2011 2:44 PM CDT – Logan Herald Observer

 

Small, non-farm businesses in Harrison and 13 other Iowa counties and neighboring counties in Missouri Valley, Nebraska and South Dakota are now eligible to apply for low interest disaster loans from the U.S. Small Business Administration.“These loans offset economic losses because of reduced revenues caused by flooding beginning May 23,” said Alfred Judd, Director of SBA’s Disaster Field Operations Center-West.Primary counties include: Harrison, Fremont, Mills, Monona, Pottawattamieand Woodbury.Neighboring Iowa counties: Cass, Cherokee, Crawford, Ida, Montgomery, Page, Plymouth and Shelby.“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,” Judd said.

Small, non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, non-profit organizations of any size may qualify for Economic Disaster Loans of up to $2 million to help meet financial obligations and operating expenses that 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 4 percent for businesses and 3 percent for private, non-profit organizations, a maximum term of 30 years and are available to small businesses and most private, non profits without the financial ability to offset the adverse impact without hardship,” Judd said.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the USDA assistance made available by the Secretary’s declaration. Applicants may apply online using the Electronic Loan Application via SBA’s secure website at https://disasterloan.sba.gov/ela or call 800-659-2955.

The deadline to apply for loans is March 8, 2012.