The U.S. Small Business Administration recently made federal Economic Injury Disaster loans available to small businesses, agricultural cooperatives, businesses engaged in aquaculture and private nonprofit organizations in Monroe County as a result of flooding on Nov. 6-9, 2017.
The 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.
The loan amount can be up to $2 million with interest rates of 2.5 percent for private nonprofit organizations and 3.385 percent for small businesses, with terms up to 30 years. 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.
Applications are due Oct. 16. Call (800) 659-2955, email disastercustomerservice@sba.gov or visit disasterloan.sba.gov/ela for information.