WASHINGTON – Today, SBA Administrator Isabel Casillas Guzman announced that Ohio small businesses affected by the explosion on May 28, 2024, at the Realty Building downtown Youngstown, may apply for low-interest, long-term Economic Injury Disaster Loans (EIDLs) from the U.S. Small Business Administration (SBA).
Administrator Guzman made the loans available in response to a letter from Ohio Governor
Mike DeWine on Oct. 7, 2024, requesting a disaster declaration by the SBA. Businesses in the declared area can now apply for low-interest disaster loans from the SBA. The declaration covers Mahoning and the adjacent counties of Columbiana, Portage, Stark and Trumbull in Ohio, and Lawrence and Mercer in Pennsylvania.
“SBA stands ready to help Illinois’s small business owners impacted by the explosion” said Administrator Guzman. “With today’s announcement, we stand committed to providing assistance in the form of federal economic injury disaster loans to help businesses and communities get the financial support they need to recover following this event.”
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are 4% for small businesses and 3.25% for private nonprofit organizations with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement.
For more information and to apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to return economic injury applications is July 8, 2024.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.