SBA offers low-interest loans to CO businesses hit by drought ‘agricultural disaster’
Crook, Deschutes and Jefferson among Oregon’s 5 “core counties”
SACRAMENTO, Calif. (KTVZ) – Non-farm small businesses in 18 counties in Oregon and neighboring counties in California, Idaho and Washington are now eligible to apply for low-interest federal disaster loans related to the drought with the US Small Business Administration, director Tanya Garfield of the SBA’s Disaster Field Operations Center-West announced on Friday.
These loans offset economic losses due to reduced incomes caused by the drought in the following major counties which began on April 15.
Major Oregon counties: Crook, Deschutes, Jefferson, Klamath, and Wallowa;
Oregon’s neighboring counties: Baker, Douglas, Grant, Harney, Jackson, Lake, Lane, Linn, Marion, Umatilla, Union, Wasco, and Wheeler;
Neighboring California counties: Modoc and Siskiyou;
Neighboring Idaho counties: Adams, Idaho, and Nez Perce;
Neighboring counties of Washington: Asotin, Columbia and Garfield.
“SBA eligibility covers both economic impacts on businesses dependent on farmers and ranchers who suffered agricultural production losses caused by the disaster and businesses directly affected by the disaster,” Garfield said.
Small non-agricultural businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations of any size may be eligible for economic disaster loans of up to $2 million for help meet financial obligations and operating expenses that could have been met had the disaster not occurred.
“Eligibility for these loans is based solely on the financial impact of the disaster and not on the actual property damage. These loans have an interest rate of 2.94% for businesses and 1.875% for private organizations not-for-profit, a maximum term of 30 years and are available to small businesses and most private non-profit organizations without the financial capacity to offset the negative impact without hardship,” Garfield said.
By law, the SBA makes economic disaster loans available when the United States Secretary of Agriculture designates an agricultural disaster. The secretary declared this catastrophe on April 18.
Businesses whose primary business is agriculture or ranching are not eligible for SBA disaster relief. Agricultural businesses should contact the Farm Services Agency about the United States Department of Agriculture assistance made available by the Secretary’s Statement. However, nurseries are eligible for SBA disaster assistance in the event of a drought.
Applicants can apply online, receive additional information about disaster assistance, and upload applications at https://disasterloanassistance.sba.gov/. Applicants may also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for more information about SBA disaster assistance. For people who are deaf, hard of hearing or have a speech impediment, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to file an economic injury claim is December 19, 2022.
About the United States Small Business Administration
The United States Small Business Administration is making the American dream of business ownership a reality. As the single, go-to resource and voice for small businesses backed by the strength of the federal government, the SBA gives entrepreneurs and small business owners the resources and support they need to start, grow, or grow their business, or recover from a declared crisis. disaster. It provides services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.