Sam Jones

SBA tornado disaster-loan deadline is Dec. 15

SBJ Staff

Posted online December 10, 2006 | 11:00 pm

For small businesses that sustained damage March 8–13 from severe storms, tornadoes and flooding, Dec. 15 is the deadline for applying for assistance from the U.S. Small Business Administration.

Economic Injury Disaster Loans are available to affected small businesses in 89 Missouri counties – including Greene, Christian, Taney, Lawrence and Webster counties – and 23 counties in neighboring states. Disaster loan funds may be used to pay for fixed debts, payroll, accounts payable and other bills that could have been paid if the disaster had not occurred, according to an SBA news release.

“SBA EIDLs are low-interest loans for up to $1.5 million to help small businesses meet working capital needs caused by the disaster, regardless of whether the business suffered any property damage,” said SBA Region VII Administrator Sam Jones, in the release. “They are primarily to strengthen recovery in the affected disaster area.”

Interest on the loans is 4 percent, with maturity lengths up to 30 years. The amount of economic injury incurred by a small business is determined by the SBA, and the terms of each loan are based on the circumstances of individual borrowers.

Information and applications are available online at www.sba.gov.[[In-content Ad]]