Small, nonfarm businesses in Deschutes County, and 16 other counties in Oregon and California, are eligible to apply for low‑interest federal disaster loans from the U.S. Small Business Administration (SBA).
These loans offset economic losses because of reduced revenues caused by the drought that began July 28, the news release states.
“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,” said Director Tanya N. Garfield of SBA’s Disaster Field Operations Center – West.
Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations 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.
The deadline to apply for these loans is April 5, 2016. Eligibility for these loans is based on the financial impact of the disaster only. Loans have an interest rate of 4 percent for businesses and 2.625 percent for private nonprofit organizations, with a maximum term of 30 years.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration. However, nurseries are eligible for SBA disaster assistance in drought disasters.
Applicants may apply online using the Electronic Loan Application at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling 800-659-2955 or emailing firstname.lastname@example.org. For more information about SBA’s disaster assistance programs, visit http://www.sba.gov/disaster.