Non-farm businesses in Chase County eligible for SBA loans
Small nonfarm businesses in 64 counties in Colorado and neighboring counties in Nebraska are now eligible to apply for low-interest federal disaster loans from the U.S. Small Business Administration (SBA), said Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West.
These loans offset economic losses because of reduced revenues caused by drought in Phillips County, Colorado that began Nov. 1, 2020.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Garfield said.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
These loans have an interest rate of 3% for businesses and 2% for private nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private nonprofits.
The SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster, which was made March 5.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance.
However, nurseries are eligible for SBA disaster assistance in drought disasters.
Applicants may apply online at: disasterloanassistance.sba.gov/.
Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The application deadline is Nov. 5.