Small nonfarm businesses in six Wyoming counties are now eligible to apply for low-interest federal disaster loans from the US Small Business Administration, announced Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration.
These loans offset economic losses because of reduced revenues caused by drought in Carbon and surrounding counties including Albany, Converse, Fremont, Natrona and Sweetwater. Colorado counties included in the declaration include Jackson, Moffat and Routt.
“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,” Sánchez said.
Small nonfarm businesses, small agricultural cooperatives, small businesses involved in aquaculture and most private non-profit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have met the disaster not occurred.
People are also reading…
“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 3.25 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,” Sánchez said .
Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement.
By law, the SBA makes Economic Injury Disaster Loans available when the US Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on March 25.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the US Department of Agriculture assistance made available by the Secretary’s declaration. However, nurseries are eligible for SBA disaster assistance in drought disasters.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email [email protected] for more information on SBA disaster assistance.
The deadline to apply for economic injury is Nov. 25.