The U.S. Small Business Administration reported that small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations have until June 5 to file for federal economic injury disaster loans.
The loans for Kent and New Castle counties are in relation to freezes excessive heat and drought from April 1 through Sept. 19, 2016.
“These counties are eligible because they are near one or more primary counties in New Jersey. The Small Business Administration recognizes that disasters do not usually stop at county or state lines.
For that reason, counties adjacent to primary counties named in the declaration are included,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
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.
The loans are for working capital and can be up to $2 million with interest rates of 4 percent for eligible small businesses and 2.625 percent for nonprofit organizations, and terms up to 30 years.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website https://disasterloan.sba.gov/ela.
Disaster loan information and application forms may also be obtained 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.
Completed loan applications must be returned to SBA no later than June 5, 2017.
