Kaptur: Small Businesses, Others Hurt By Ohio’s 2015 Extreme Weather Encouraged to Apply for Low-Interest Disaster Loans
Deadline is July 19, 2015
Toledo, Ohio– Congresswoman Marcy Kaptur (D-Ohio) encourages small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private non-profits located in Ohio’s 9th congressional district and which suffered economic losses as a result of months of 2015’s extreme weather to consider applying for low-interest disaster loans from the federal Small Business Administration, or SBA.
The deadline for the SBA’s Economic Injury Disaster Loan program is July 19, 2016, and applicants must prove that they suffered economic losses as a result of the excessive rain, flash flooding, flooding, excessive heat, landslides, mudslides, high winds, hail and lightning which occurred from March 1 through August 25, 2015.
The disaster declaration includes Cuyahoga, Erie, Lorain, Lucas, Ottawa counties in Ohio’s 9th congressional district.
According to the SBA, the disaster loan program “is available to eligible farm-related and nonfarm-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.”
Moreover, 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. 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 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 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.
Submit completed loan applications to SBA no later than July 19, 2016.
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For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.