SACRAMENTO, Calif.
- Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center - West today reminded Montana small nonfarm businesses of the May 30 deadline to apply for an SBA federal disaster loan for economic injury. These low-interest loans are to offset economic losses because of reduced revenues caused by the disasters that occurred in the following primary counties.
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14899 |
Fergus and Petroleum |
Blaine, Chouteau, Garfield, Golden Valley, Judith Basin, Musselshell, Phillips, Rosebud and Wheatland |
Hail, High Winds and Heavy Rain |
June 9-13, 2016 |
5/30/17 |
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14900 |
Wheatland |
Fergus, Golden Valley, Judith Basin, Meagher and Sweet Grass |
Drought |
Beginning May 1, 2016 |
5/30/17 |
According to Garfield, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disasters. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disasters’ impact,” said Garfield.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disasters and businesses directly impacted by the disasters. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Garfield added.
The interest rate is 4 percent for businesses and 2.625 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared these disasters on Sept. 28, 2016.
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, in drought disasters nurseries are eligible for SBA disaster assistance.
Applicants may apply online using SBA’s secure website at
https://disasterloan.sba.gov/ela
.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or emailing
disastercustomerservice@sba.gov
. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. For more disaster assistance information or to download applications, visit
https://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.