SBA Loans Available Following USDA Disaster Designation
Small Businesses Located in Maryland are Eligible
ANNAPOLIS, MD (Oct. 10, 2007) - Federal disaster loans are available to Maryland small businesses as result of the drought disaster designated for the State of Maryland by U.S. Department of Agriculture Secretary Mike Johanns in response to Governor Martin O'Malley's July 26, 2007 request. In addition to assistance and financial relief to Maryland farmers, the designation triggered the U.S. Small Business Administration to assist small businesses affected by the same disaster.
"This is welcome news for Maryland small business owners who have been hard-hit by drought conditions this summer," said Governor O'Malley. "We will continue to work with the Maryland Department of Agriculture and our federal delegation to help our farmers get through this drought. I also want to thank our federal delegation for all of their continued efforts to help and support Maryland farmers and small business owners."
Under this designation, 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 designation, SBA cannot provide loans to agricultural producers.
Interested business owners should contact SBA's Customer Service Center by calling 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 from 9 a.m. to 5:30 p.m. EDT. For more information and downloadable loan applications, visit Small Business Administration. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Completed loan applications must be returned to SBA no later than April 21, 2008.
Small Businesses Located in Maryland are Eligible
ANNAPOLIS, MD (Oct. 10, 2007) - Federal disaster loans are available to Maryland small businesses as result of the drought disaster designated for the State of Maryland by U.S. Department of Agriculture Secretary Mike Johanns in response to Governor Martin O'Malley's July 26, 2007 request. In addition to assistance and financial relief to Maryland farmers, the designation triggered the U.S. Small Business Administration to assist small businesses affected by the same disaster.
"This is welcome news for Maryland small business owners who have been hard-hit by drought conditions this summer," said Governor O'Malley. "We will continue to work with the Maryland Department of Agriculture and our federal delegation to help our farmers get through this drought. I also want to thank our federal delegation for all of their continued efforts to help and support Maryland farmers and small business owners."
Under this designation, 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 designation, SBA cannot provide loans to agricultural producers.
Interested business owners should contact SBA's Customer Service Center by calling 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 from 9 a.m. to 5:30 p.m. EDT. For more information and downloadable loan applications, visit Small Business Administration. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Completed loan applications must be returned to SBA no later than April 21, 2008.