Deadline Approaches in Oregon for SBA Working Capital Loans Due to Drought | News
On Monday, February 7, Director Tanya N. Garfield of the U.S. Small Business Administration’s (SBA) Disaster Field Operations Center-West reminded small nonfarm businesses in 17 counties in Oregon and neighboring counties in Idaho and from Washington the March 7 deadline to apply. a federal disaster loan from the SBA for economic harm. These low-interest loans are to offset economic losses due to reduced incomes caused by the drought in the following major counties which began on May 11, 2021.
Major counties in Oregon: Columbia, lincolnMultnomah, Wallowa, Washington and Yamhill;
Oregon’s neighboring counties: Baker, Benton, Clackamas, Clatsop, Hood River, Lane, Marion, Polk, Tillamook, Umatilla, and Union;
Neighboring Idaho counties: Adams, Idaho, and Nez Perce;
Neighboring counties of Washington: Asotin, Clark, Columbia, Cowlitz, Garfield, Skamania and Wahkiakum.
According to Garfield, small non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of any size can apply for economic disaster loans of up to $2 million. to help meet working capital needs caused by the disaster.
“Economic disaster loans can be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid due to the impact of the disaster,” Garfield said. “SBA eligibility covers both economic impacts on businesses dependent on farmers and ranchers who suffered agricultural production losses caused by the disaster and businesses directly affected by the disaster. Economic loss assistance is available whether or not the claimant has suffered property damage. »
The interest rate is 2.88% for corporations and 2% for private non-profit organizations with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.
By law, the SBA makes economic disaster loans available when the United States Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on July 6, 2021.
Businesses whose primary business is agriculture or ranching are not eligible for SBA disaster relief. Agricultural businesses should contact the Farm Services Agency about the United States Department of Agriculture assistance made available by the Secretary’s Statement. However, nurseries are eligible for SBA disaster assistance in the event of a drought.
Applicants can apply online, receive additional information about disaster assistance, and upload applications at https://disasterloanassistance.sba.gov/. Applicants may also call the SBA Customer Service Center at (800) 659-2955 or email email@example.com for more information about SBA disaster assistance. People who are deaf or hard of hearing can call (800) 877-8339. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.