SBA Economic Disaster Loans Available For Idaho Small Businesses Business
SACRAMENTO, Calif .– Small non-farm businesses in 40 counties in Idaho and neighboring counties of Oregon, Utah, Washington and Wyoming are now eligible to apply for low-interest federal loans in disaster event with the US Small Business Administration, announced Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West. These loans compensate for the economic losses due to the drop in income caused by the drought in the following major counties which began on April 15, 2021.
Major counties of Idaho: Adams, Bannock, Benewah, Boise, Bonneville, Butte, Camas, Franklin, Gem, Kootenai, Latah, Lincoln, Nez Perce and Oneida; Neighboring counties of Idaho: Ada, Bear Lake, Bingham, Blaine, Bonner, Canyon, Caribou, Cassia, Clark, Clearwater, Custer, Elmore, Gooding, Idaho, Jefferson, Jerome, Lemhi, Lewis, Madison, Minidoka, Payette, Power, Shoshone, Teton, Valley and Washington; Oregon’s neighboring counties: Baker and Wallowa; Neighboring Utah Counties: Box Elder, Cache and Rich; Washington neighboring counties: Asotin, Spokane and Whitman; Neighboring counties of Wyoming: Lincoln and Teton.
“SBA 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,” 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.
“Eligibility 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 3% 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 for-profit organizations. nonprofit without the financial ability to offset the negative impact without difficulty, ”Garfield said. .
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 June 22, 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 about disaster assistance, and download applications at https://disasterloanassistance.sba.gov/. Applicants can also call the SBA Customer Service Center at (800) 659-2955 or send an 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 February 22, 2022.
About the United States Small Business Administration
The US Small Business Administration is making the American dream of business ownership a reality. As the only 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 businesses, or grow their businesses. recover from a declared situation. disaster. It provides services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov.