SBA Economic Injury Disaster Loans Deadline Is March 13

ATLANTA — The US Small Business Administration is reminding businesses in the states of Connecticut, Massachusetts, New York, and Rhode Island that Economic Injury Disaster Loans are still available to small businesses economically impacted by the severe storms and flooding April 15–27, 2007.

“Small businesses that suffered economic losses as a result of this disaster and want to apply for low-interest loans from the Small Business Administration are urged to do so before the March 13 deadline,” said Frank Skaggs, director of SBA Field Operations Center East.

Small businesses may apply for loans up to $l.5 million if they suffered substantial economic injury from the disaster. 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. These loans are not intended to replace lost sales or profits.

Small businesses in the following counties are eligible to apply: Fairfield, Hartford, Litchfield, Middlesex, New Haven, New London, Tolland, and Windham in Connecticut; Berkshire, Hampden, Worcester in Massachusetts; Dutchess, Putnam, and Westchester in New York, and Kent, Providence, and Washington in Rhode Island.

The interest rate on these loans is four percent, with a maximum term of 30 years. The SBA determines the amount of economic injury and terms of each loan based on the financial circumstances of the borrower.

To obtain a loan application, 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 disaster loan applications can also be downloaded from the SBA’s website at www.sba.gov. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth TX 76155.

The deadline for economic injury applications is March 13, 2008.