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SBA Economic Injury Disaster Loans Available
to Idaho Small Businesses |
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November 25, 2014 |
Small, nonfarm businesses in Boundary County and
10 other counties in Idaho, as well as
neighboring counties in Montana, Utah,
Washington and Wyoming, are now eligible to
apply for low‑interest federal disaster loans
from the U. S. Small Business Administration
(SBA). These loans offset economic losses
resulting from reduced revenues caused by the
excessive rain that occurred July 16 - September
21, 2014, in several "primary counties,"
according to Tanya N. Garfield, Director of
SBA's Disaster Field Operations Center - West.
Primary Idaho counties affected by this
announcement and eligible for these loans
include, along with Boundary County, Bear Lake,
Fremont and Madison counties.
Neighboring Idaho counties that are eligible
are: Bonner, Bonneville, Caribou, Clark,
Franklin, Jefferson and Teton counties.
“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 (EIDLs) of up to
$2 million to help meet financial obligations
and operating expenses which could have been met
had the disaster not occurred.
“Eligibility for these loans is based on the
financial impact of the disaster only and not on
any actual property damage. These loans have an
interest rate of 4 percent for businesses and
2.625 percent 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,”
Ms. Garfield said.
By law, SBA makes EIDLs available when the U. S.
Secretary of Agriculture designates an
agricultural disaster. Secretary Tom Vilsack
declared this disaster on November 19, 2014.
Businesses primarily engaged in farming or
ranching are not eligible for SBA disaster
assistance. Agricultural enterprises should
contact the Farm Services Agency (FSA) about the
U. S. Department of Agriculture (USDA)
assistance made available by the Secretary’s
declaration.
Applicants for the SBA disaster loans may apply
online using the Electronic Loan Application via
SBA’s secure Web site 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 e-mailing
disastercustomerservice@sba.gov
Individuals who are deaf or hard‑of‑hearing may
call (800) 877-8339. For more information about
SBA's disaster assistance programs, visit
http://www.sba.gov/disaster
The deadline to apply for these loans is July
20, 2015. |
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