SBA drought assistance deadline approaching
SACRAMENTO, Ca. (KIFI)-Small businesses in 14 Idaho counties have until March 2 to apply for a Small Business Administration federal disaster loan. The program was approved to offset drought-related revenue loss that affected the counties beginning May 1, 2020.
The primary counties were Blaine, Camas, and Custer, but the impact loans spread to neighboring counties including Bingham, Boise, Butte, Cassia, Elmore, Gooding, Lemhi, Lincoln, Minidoka, Power and Valley.
According to US SBA Disaster Field Operations Center-West Director Tanya Garfield, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact,” said Garfield.
The SBA loans carry an interest rate of 3% for businesses and 2.75% for private nonprofits, with terms of up to 30 years. The loan amounts 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 or by calling 800-877-8339.
