SBA Disaster Loan Deadline is July 28 Small Business Owners Still Have Time to Apply

The U.S. Small Business Administration is reminding businesses that July 28 is the filing deadline for federal economic injury disaster loans that are available to small businesses located in the State of Ohio as a result of drought and extreme heat conditions that began April 15, 2007 and continuing. Small businesses in the entire state are eligible to apply.

Under this declaration, SBA's Economic Injury Disaster Loan (EIDL) program is available to farm-related and nonfarm-related small business concerns and small agricultural cooperatives that suffered financial losses as a direct result of this disaster. Farmers and ranchers are not eligible to apply to SBA but nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.

Eligible small businesses may qualify for loans up to $1.5 million. These loans are available at a 4 percent interest rate with loan terms up to 30 years. SBA determines eligibility for the program based on the size and type of business and its financial resources. Loan amounts and terms are set by SBA and are based upon each applicant's financial condition. Under this disaster declaration, SBA cannot provide loans to agricultural producers.

Interested business owners should contact SBA's Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. to 9 p.m., and Saturday and Sunday from 9 a.m. to 6:00 p.m. EDT or by emailing our customer service center at disastercustomerservices@sba.gov. Business loan applications can also be downloaded from the SBA website at http://www.sba.gov/services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX. 76155.

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SBA Disaster Loan Deadline is July 28 Small Business Owners Still Have Time to Apply