Remember: SBA Disaster Loan Deadline Is February 14

ATLANTA — The US Small Business Administration (SBA) is reminding businesses that February 14 is the filing deadline for federal economic injury disaster loans that are available to small businesses located in the Connecticut counties of Fairfield and Litchfield as a result of damages and losses to crops caused by excessive snow, high winds, sleet, and ice on February 14, 2007.

“These counties are eligible because they are contiguous to one or more primary counties in the State of New York. The Small Business Administration recognizes that disasters do not usually stop at the county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” according to Frank Skaggs, director of SBA Field Operations Center East.

The SBA’s disaster declaration was issued as a result of a similar action taken by the Secretary of Agriculture to help farmers recover after this disaster. Under this declaration, SBA’s Economic Injury Disaster Loan 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 the SBA.

Eligible small businesses may qualify for loans up to $1.5 million. The loans are available at a four percent interest rate with loan terms up to 30 years.

SBS determines eligibility for the program based on the size and type of business and its financial resources. Loan amounts and terms are set by the 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 the SBA’s Customer Service Center by calling 800-659-2955 (-800-877-8339 for the hearing-impaired) Monday through Friday from 8 am to 9 pm EST. Business loan applications can also be downloaded from www.sbs.gov.

Completed applications should be mailed to US Small Business Administration-Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth TX 76155.