Mike Maltais, Staff writer
QUAD CITIES – Okanogan and Douglas counties are among eight counties in the state where small non-farm businesses can now apply for low-interest Economic Injury Disaster Loans from the U.S. Small Business Administration (SBA). The loans are designed to offset losses from reduced revenues as a result of drought.
“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,” said Tanya N. Garfield, Director of SBA’s Disaster Field Operations Center-West. “Eligibility for these loans is based on the financial impact of the disasters only and not on any actual property damage.”
The loans for up to $2 million carry a 3.75 percent interest rate for businesses and 2.75 percent for a maximum 30-year term for private nonprofit organizations of any size to help meet financial obligations and operating expenses which could have been met had the disasters not occurred.
The loans “are available to small businesses and most private nonprofit organizations without the financial ability to offset the adverse impact without hardship,” Garfield said.
U.S. Secretary of Agriculture Sonny Perdue officially declared the disasters on June 8 and June 11.
“Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance,” said an SBA media release. “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, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hardofhearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
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