Businesses in Bristol affected by the summer drought are eligible for federal money to offset financial losses, the U.S. Small Business Administration announced Tuesday.
Federal Economic Injury …
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Businesses in Bristol affected by the summer drought are eligible for federal money to offset financial losses, the U.S. Small Business Administration announced Tuesday.
Federal Economic Injury Disaster Loans are available to small agricultural businesses like nurseries, small aquaculture companies and nonprofit organizations in Bristol County as a result of the drought that began on Aug. 30. The disaster declaration also includes Kent and Providence counties.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
Under the declaration, money is available to farm-related and nonfarm-related companies that suffered financial losses as a result of the disaster, in this case, drought. SBA cannot provide disaster loans to agricultural producers, farmers or ranchers, but other related companies are eligible to apply.
The loan amount can be up to $2 million with interest rates of 2.625 percent for private nonprofit organizations, and 4 percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred.
Applicants can apply online at https://disasterloan.sba.gov/ela. Disaster loan information and application forms are also available 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 the SBA’s website at 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.
Loan applications must be returned to the SBA no later than May 8, 2017.