Small non-farm businesses in seven counties in Oregon are now eligible to apply for low-interest federal disaster loans from the US Small Business Administration, Center Director Tanya N. Garfield said. SBA disaster field operations. These loans compensate for the economic losses due to the drop in income caused by the drought in the next main county that began on July 27, 2021.
Main county: Tillamook;
Neighboring counties: Clatsop, Columbia, Lincoln, Polk, Washington and Yamhill.
âSBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers who suffered agricultural production losses caused by the disaster and on businesses directly affected by the disaster,â Garfield said.
Small non-farm businesses, small farm 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. dollars to help meet financial obligations and operating expenses that might have been covered had the disaster not occurred.
âEligibility for these loans is based solely on the financial impact of the disaster and not on actual property damage. These loans have an interest rate of 2.855% for businesses and 2% for private non-profit organizations, with a maximum term of 30 years, and are available for small businesses and most private organizations at nonprofit without the financial capacity to offset the negative impact without difficulty, âGarfield mentioned.
By law, the SBA makes economic disaster loans available when the US Secretary of Agriculture designates an agricultural disaster. The secretary declared this disaster on September 20, 2021.
Businesses primarily engaged in agriculture or ranching are not eligible for SBA disaster assistance. Farm businesses should contact the Farm Services Agency regarding the U.S. Department of Agriculture assistance made available by the Secretary’s Statement. However, nurseries are eligible for disaster assistance from the SBA in the event of drought.
Applicants can apply online, receive additional information on disaster assistance, and download applications at https://disasterloanassistance.sba.gov/. Applicants can also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA Disaster Assistance. People who are deaf or hard of hearing can call (800) 877-8339. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to submit an economic loss claim is May 20, 2022.