2012 PRESS RELEASES
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September 10, 2012
Deadline October 9, 2012, to Apply for Small Business Administration Economic Injury Disaster Loans in Virginia
Contact: Elaine J. Lidholm, 804.786.7686
The Virginia Department of Agriculture and Consumer Services reminds small agricultural cooperatives and small businesses engaged in aquaculture that the application deadline for federal economic injury disaster loans is October 9, 2012. The loans from the Small Business Administration (SBA) are available in Virginia as a result of Hurricane Irene, Tropical Storm Lee and continuing excessive rainfall from August 27 through October 31, 2011. Eligible localities include Charles City, Isle of Wight, James City, Prince George, Southampton, Surry and Sussex counties and the independent city of Newport News.
With the exception of aquaculture enterprises, agricultural producers, farmers and ranchers are not eligible to apply to SBA.
The loan amount can be up to $2 million with interest rates of three percent for private non-profit organizations of all sizes and four percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800.659.2955 (800.877.8339 for the deaf and hard-of-hearing) or by sending an e-mail. Loan applications can be downloaded here. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Completed loan applications must be returned to SBA no later than October 9, 2012.