The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations in Georgia of the deadline to submit disaster loan applications for economic injury caused by drought beginning on Aug. 19, 2014. The deadline to apply for a working capital disaster loan is June 15, 2015.
"Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the June 15 deadline," said Frank Skaggs, Director of SBA 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, or ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
Low-interest disaster loans are available in: Baker, Brooks, Calhoun, Colquitt, Cook, Decatur, Dougherty, Early, Grady, Miller, Mitchell, Seminole, Thomas, Tift and Worth counties in Georgia.
Working capital disaster loans up to $2 million are available at 2.625 percent for private nonprofit organizations and 4 percent for small businesses, with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. To be considered for this assistance, eligible entities need to apply by the deadline.
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