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Keyword: loans

The U.S. Small Business Administration has made Economic Injury Disaster Loans available to certain small businesses affected by rain and flash flooding that began July 21, 2018.

This economic aid is available to small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations in Baltimore County and several other Maryland counties.

The deadline to submit completed applications is November 20, 2019.

More Information from SBA

The following is text from the SBA's news release:

“These counties are eligible because they are contiguous to one or more primary counties in Pennsylvania. 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 Kem Fleming, director of SBA’s Field Operations Center East.


Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and non farm-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 and ranchers.

The loan amount can be up to $2 million with interest rates of 2.5 percent for private nonprofit organizations of all sizes and 3.61 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 working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.


Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.


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 www.sba.gov.

Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
 

Small businesses affected by the May 27, 2018 severe flooding have until April 25 to apply for working capital loans from the U.S. Small Business Administration.

The SBA says capital loans are still available to small businesses, small agricultural cooperatives, small businesses involved in aquaculture and private nonprofit organizations affected by the flooding.

The deadline to apply is April 25, 2019.

Working capital disaster loans up to $2 million are available at 3.61 percent for small businesses, and 2.5 percent for private nonprofit organizations, with terms up to 30 years. SBA says the loans are intended to pay fixed debts, payroll, accounts payable and other expenses that could have been paid if not for the disaster.

Applicants may use the electronic loan application (ELA) at SBA's secure web site, DisasterLoan.sba.gov.

Businesses also may obtain information and loan applications through the SBA's Customer Service Center, 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing), or by emailing disastercustomerservice@sba.gov. 

Loan applications can be downloaded at sba.gov/disaster.  Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., Fort Worth, Texas, 76155.

Private NonProfit (PNP) organizations that suffered damages during the May 27-28, 2018 flooding have until April 2, 2019 to apply for disaster relief loans from the U.S. Small Business Administration.

Severe storms caused flooding throughout the region on May 27-28, 2018. The southwestern portion of Baltimore County and neighboring Howard County were hardest hit. Catonsville received more than 10 inches of rain, and Howard County's Ellicott City was devastated by flash floods.

PNPs in Baltimore and Howard counties are eligible to apply for low-interest Economic Injury Disaster Loans to assist with damages caused by the storm.

Eligible PNPs must not provide critical services of a governmental nature. Eligible PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

The SBA says it offers Economic Injury Disaster Loans to help eligible PNPs meet working capital needs, such as ongoing expenses. This assistance is available regardless of whether the organization suffered physical property damage. Loan amounts may be as high as $2 million, with an interest rate of 2.5 percent over 30 years. The SBA sets loan amounts and terms based on the applicant's financial condition.

The deadline to return Economic Injury Disaster Loan applications is April 2, 2019.

Applicants may apply online using the Electronic Loan Application at SBA's secure web site, DisasterLoan.sba.gov.

Disaster loan information and application forms can be obtained from the SBA's Customer Service Center, 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 www.sba.gov

Mail completed applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., Fort Worth, TX 76155.

 
 
Revised June 27, 2017