Friday, October 23, 2009

November 26 is Deadline to Apply for SBA Economic Injury Disaster Loans

(BUSINESS WIRE)--The U.S. Small Business Administration is reminding businesses in Georgia that Economic Injury Disaster Loans are still available to small businesses and most private, non-profit organizations economically impacted by the severe storms and tornadoes that occurred on February 20, 2009.

“Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest disaster loans from the SBA are urged to do so before the November 26 deadline,” said Frank Skaggs, Director of SBA Field Operations Center East.

Small businesses and most private non-profit organizations of all sizes in the following counties are eligible to apply: Brooks, Colquitt, Grady, Mitchell and Thomas in Georgia and Jefferson and Leon in Florida.

Loans are available up to $2 million for businesses that suffered substantial economic injury from the disaster. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. These loans are not intended to replace lost sales or profits.

The interest rate on these loans is 4 percent, with a maximum term of 30 years. The SBA determines the amount of economic injury and the terms of each loan based on the financial circumstances of each borrower. The SBA determines eligibility for the program based on the size and type of business and its financial resources.

To obtain a loan application, interested business owners should contact the SBA’s Customer Service Center by calling 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Saturday from 8 a.m. to 9 p.m., EDT or send an email to Business disaster loan applications can also be downloaded from Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Victims may visit the SBA’s secure Web site at to apply for disaster loans.

The deadline for economic injury applications is November 26, 2009.

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