Skip to main content

The Journal Gazette

Tuesday, April 17, 2018 11:54 am

Verbatim: Deadline Approaching in Indiana for SBA Working Capital Loans Due to Rain and Flooding

The following was released on Tues., April 17, 2018 by the SBA Office of Disaster Assistance:

ATLANTA- The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations that May 14 is the filing deadline for federal economic injury disaster loans in Adams and Allen in Indiana as a result of the rain and flooding from May 25 through July 15, 2017.

“These counties are eligible because they are contiguous to one or more primary counties in Ohio. The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.

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 loans are for working capital and can be up to $2 million with interest rates of 3.215 percent for eligible small businesses and 2.5 percent for nonprofit organizations, and terms up to 30 years.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.

Disaster loan information and application forms may also be obtained by calling the SBA’s CustomerServiceCenter 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 the SBA’s website at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and DisbursementCenter, 14925 Kingsport Road, Fort Worth, TX76155.

Completed loan applications must be returned to SBA no later than May 14. 2018.