ATLANTA – The U.S. Small Business Administration reminds small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations that May 23, 2016 deadline to apply for Economic Injury Disaster Loans (EIDLs) available in Cherokee, Spartanburg and York counties in South Carolina as a result of the drought that began on July 28, 2015.
“These counties are eligible because they are contiguous to one or more primary counties in North Carolina . The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers, but nurseries are eligible to apply for EIDLs for losses caused by drought conditions.
The loans are for working capital and can be up to $2 million with interest rates of 4 percent for eligible small businesses and 2.625 percent for nonprofit organizations, and terms up to 30 years.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela .
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov . Loan applications can be downloaded from www.sba.gov /disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Submit completed loan applications to SBA no later than May 23, 2016 .