As the Small Business Administration ramps up a massive loan effort to help businesses through the coronavirus pandemic, it’s also reminding non-farm business owners and nonprofit agency leaders about an upcoming deadline to apply for economic relief from severe weather last fall.
The SBA has been offering low-interest loans of up to $2 million to non-farm businesses after rain, flooding, flash flooding, hail and tornadoes in the second half of October 2018. The SBA loans can pay fixed debts, payroll, accounts payable and other bills that can’t be paid due to the severe weather.
Non-farm businesses in all area counties can apply. The interest rate is 3.675 percent for businesses and 2.5 percent for private non-profit organizations. terms are up to 30 years.
The SBA says ag enterprises need to reach out to the Farm Service Agency for assistance.
The deadline is May 6. Applicants can go online to www.disasterloanassistance.sba.gov, call 800-659-2955 or email disastercustomerservice@sba.gov for information.
