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Posted: 3:19 PM Aug 31, 2010
Disaster Loan Deadline Nears for Geneva Co.
Completed loan applications must be returned to SBA no later than September 29, 2010.
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The Small Business Administration is reminding small businesses in Geneva County that September 29 is the deadline to file for federal economic injury disaster loans that are available as a result of record cold weather, frost and freezes from Jan. 2 - 14, 2010.
Geneva is eligible for assistance because it is contiguous to one or more Florida counties declared agriculture disaster areas by the USDA.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster.
Agricultural producers, farmers and ranchers are not eligible to apply to SBA. Producers and farmers should consult their USDA regional office for any possible assistance.
The loan amount can be up to $2 million with a 4% interest rate for small businesses, 3% for non-profit organizations and terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources.
Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. 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. The loans are not intended to replace lost sales or profits.
Disaster loan information and application forms may be obtained by calling the SBA’s Customer Service Center by calling 800-659-2955 (800-877-8339 for people with speech or hearing disabilities) Monday through Friday from 8 a.m. to 6 p.m. EDT.
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