The U.S. Small Business Administration is reminding small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofit organizations in Virginia of the deadline to submit disaster loan applications for economic injury caused by severe storms and flooding on Feb. 14 through March 8, 2015.
The deadline to apply for a working capital disaster loan is Jan. 28, 2016.
“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 Jan. 28 deadline,” said Frank Skaggs, director of SBA Field Operations Center East.
Low-interest disaster loans are available in the counties of Dickenson, Lee, Russell, Scott, Wise and the City of Norton in Virginia; Harlan, Letcher and Pike in Kentucky.
Working capital disaster loans up to $2 million are available at 4 percent for small businesses, and 2.625 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. To be considered for this assistance, eligible entities need to apply by the deadline.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website.
Applications and program information are available 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 sending an email to [email protected].
Loan applications can also be downloaded from the SBA’s website. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to return economic injury applications is Jan. 28, 2016.
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