Small, non-farm businesses in 96 Missouri counties may now apply for low-interest disaster loans from the U.S. Small Business Administration (SBA).


 

Small, non-farm businesses in 96 Missouri counties may now apply for low-interest disaster loans from the U.S. Small Business Administration (SBA).

According to Alfred E. Judd, director of SBA’s Disaster Field Operations Center-West, the loans offset economic losses because of reduced revenues caused by excessive moisture and flooding that began March 1, 2008.

Included in the primary counties are Newton and Dade counties. Included in the contiguous disaster area counties are Jasper, Barry, Barton, Lawrence and McDonald.

Small businesses and most private, nonprofit organizations of any size may qualify for Economic Injury Disaster (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,” Judd said. “These loans have an interest rate of 4 percent, a maximum term of 30 years, and are available to small businesses and most private, nonprofits without hardship.”

By law, SMA makes EIDLs available when the U.S. Secretary of Agriculture designates an agricultural disaster. Secretary Ed Schafer declared these disasters at the request of Gov. Matt Blunt.

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.

Carthage Press