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SBA disaster loan deadline approaching

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Editor's Note: Oconee County has been added to this list.

Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations in nine Upstate counties have until June 26 to file for federal economic injury disaster loans as a result of the drought that began on Oct. 18, 2016, according to the U.S. Small Business Administration.

The declaration includes the following counties: Abbeville, Anderson, Greenville, Greenwood, Laurens, Newberry, Pickens, Spartanburg and Union.

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. Except for aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers or ranchers, according to the release. 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% for eligible small businesses and 2.625% for nonprofit organizations, and terms up to 30 years. 

Applicants can apply online using the Electronic Loan Application via SBA’s secure website. Disaster loan information and application forms can 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 Loan applications can be downloaded from the SBA’s website.

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