The U.S. Small Business Administration is reminding businesses that working capital loans are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations affected by Hurricane Michael.
“Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the July 15 deadline,” said Kem Fleming, director of SBA Field Operations Center East.
Businesses in Houston, Henry and Barbour counties in Alabama and Jackson County in Florida and Early and Seminole counties in Georgia are among those who can qualify for the loans.
Working capital disaster loans up to $2 million are available at 3.675 percent for small businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred.
Businesses may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov. They may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing email@example.com.
Loan applications can also be downloaded at sba.gov/disaster.