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News & Press: Arizona Business News Updates

Disaster assistance available for small, non-farm businesses

Wednesday, August 31, 2011   (0 Comments)
Posted by: Rhette Baughman
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Disaster assistance available for small, non-farm businesses

Small, non-farm businesses in nine Arizona counties are eligible to apply for low interest disaster loans from the U. S. Small Business Administration (SBA).

"These loans offset economic losses because of reduced revenues caused by drought, wildfires and high winds in the following primary Arizona counties beginning Jan. 1,” said Alfred E. Judd, director of SBA’s Disaster Field Operations Center-West.

Arizona counties include: Apache, Cochise, Graham, Greenlee and Santa Cruz, Gila, Navajo, Pima and Pinal.

"SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Judd said.

Small, non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations of any size may qualify for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.

"Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for businesses and 3 percent for private, non-profit organizations, a maximum term of 30 years, and are available to small businesses and most private, non-profits without the financial ability to offset the adverse impact without hardship,” Judd said.

By law, SBA makes EIDLs available when the U. S. Secretary of Agriculture designates an agricultural disaster. Secretary Tom Vilsack declared this disaster at the request of Governor Jan Brewer.

Applicants can apply online at https://disasterloan.sba.gov/ela.

For more information, visit www.sba.gov.

Source: http://www.paysonroundup.com/news/2011/aug/30/disaster-assistance-available-small-non-farm-busin/

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