The deadline for businesses affected by last summer’s drought to file for small business disaster loans is one month away.
Small nonfarm businesses in 16 Texas counties have until April 8 to apply for a U.S. Small Business Administration federal disaster loan for economic injury. The low-interest loans are to offset economic losses because of reduced revenues caused by drought in the following primary counties that began July 24, 2018.
Businesses in Cooke, Grayson and Montague counties are eligible because those counties neighbor one of the primary disaster counties, according to a press release from the SBA.
Loans of up to $2 million may be available to help meet working capital needs caused by the drought, the press release indicated. They may be used to pay fixed debts, payroll, accounts payable or other bills.
The interest rate is 3.61 percent for businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email firstname.lastname@example.org for more information on SBA disaster assistance.