Deadline for economic injury disaster loans coming up

The deadline to get an economic injury disaster loan from the U.S. Small Business Administration because of last year’s flooding is coming up soon.

Businesses and private non-profit groups in 15 North Florida counties including Bay, Franklin, Gulf, Liberty, and Wakulla counties are eligible to apply for the loans if they suffered damage or financial losses during the excessive rainfall that occurred between November the 11th through December the 23rd last year. 

The loan amount can be up to $2 million with rates of 3 percent for non-profit organizations and 4 percent for small business and terms up to 30 years. 

The working capital loans are designed to 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.

You can apply for the loans on-line at www.sba.gov.

But you need to do so soon.

Completed loan applications have to be returned to SBA no later than December 6, 2010.

 

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