March 11 Deadline in Georgia to Apply for SBA Working Capital Loans is Approaching
ATLANTA, Feb. 8, 2013 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes that March 11 is the filing deadline for federal economic injury disaster loans available in south Georgia as a result of hail and high winds that occurred on May 22, 2012.
These loans are available in the following Georgia counties: Atkinson, Berrien, Brooks, Clinch, Coffee, Colquitt, Cook, Echols, Irwin, Lanier, Lowndes, Tift, Turner, Ware and Worth.
"When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster," Skaggs added.
Under this declaration, 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. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.
The loan amount can be up to $2 million with a 4 percent interest rate for eligible small businesses and 3 percent for non-profit organizations with 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 email@example.com. Loan applications can be downloaded from the SBA's website at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Completed loan applications must be returned to SBA no later than March 11, 2013.
For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.
Release Number: 13-252, GA 13114
Contact: Michael Lampton
SOURCE U.S. Small Business Administration