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SBA disaster loan deadline approaching

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Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations in Cherokee, Laurens, Newberry, Spartanburg and Union counties have until July 17 to file for federal economic disaster loans because of the drought and excessive heat that began on June 1, 2016, according to the U.S. Small Business Administration.

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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