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Small Business

June 3 Deadline Approaching in Alabama for SBA Working Capital Loans

The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes that June 3 is the filing deadline for federal economic injury disaster loans. These loans are available in Choctaw, Colbert, Franklin, Lamar, Lauderdale, Marion, Mobile, Pickens, Sumter and Washington counties in Alabama as a result of the combined effects of drought and excessive heat followed by Hurricane Isaac between April 1 and Sept. 14, 2012. 

“These counties are eligible because they are contiguous to one or more primary counties in Mississippi.  The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” according to Frank Skaggs, director of SBA’s Field Operations
Center East.

Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.  With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.  Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.   

The  working capital loan amount can be up to $2 million with interest rates as low as 4 percent for eligible small businesses and 3 percent for non-profit organizations with terms up to 30 years. 

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.  Loan applications can be downloaded from the SBA’s website at www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. 

The deadline to return economic injury loan application is June 3, 2013.

For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov .


 

PRESS OFFICE 

News Release

Release Date: May 8, 2013 Contact: Michael Lampton (404) 331-0333
Release Number: 13-541,MS 13335 Email Address: Michael.Lampton@sba.gov
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