SBA offers aid to area companies affected by drought

SBA offers aid to area companies affected by drought

Some financial relief is on the way if you own a small business in Caddo or DeSoto Parish.
Some financial relief is on the way if you own a small business in Caddo or DeSoto Parish.

The U. S. Small Business Administration is providing Economic Injury Disaster Loans to business owners who have lost revenue due to the drought that began in July.

Alfred Judd, Director of SBA's Disaster Field Operations Center-West said, "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."

Judd also said eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. 

There will be an interest rate of 4% for businesses and 2.875% for private, nonprofit organizations, a maximum term of 30 years and are available to small businesses and most private, nonprofits without the financial ability to offset the adverse impact without hardship.

Small, nonfarm businesses in 16 Texas counties and neighboring parishes in Louisiana are now eligible to apply for low-interest federal disaster loans:
 Neighboring Louisiana parishes: 
·    Caddo
·    DeSoto

Primary Texas counties: 
·    Panola
·    Polk
·    Trinity
·    Walker

Neighboring Texas counties: 
·    Angelina
·    Grimes
·    Hardin
·    Harrison
·    Houston
·     Liberty
·    Madison
·    Montgomery
·    Rusk
·    San Jacinto
·    Shelby
·    Tyler 

You can apply online using the Electronic Loan Application via SBA's secure Web site at https://disasterloan.sba.gov/ela <http://globalmessaging2.prnewswire.com/clickthrough/servlet/clickthrough?msg_id=7546197&adr_order=60&url=aHR0cHM6Ly9kaXNhc3RlcmxvYW4uc2JhLmdvdi9lbGE%3D>. 

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.

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