The U.S. Small Business Administration has approved disaster loan funding for businesses along Florida’s Gulf coast that have been impacted by the Deepwater Horizon oil spill.
Businesses in counties currently under the state disaster declaration because of the oil spill are eligible to apply for the low interest loans through the SBA. That includes businesses in Gulf, Franklin and Wakulla counties.
The loans can help eligible small businesses and non-profit groups meet the financial obligations they could have met, had the disaster not occurred.
Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. Interest rates for businesses and small agricultural cooperatives are as low as four percent, and for non-profit organizations rates are as low as three percent, with terms up to 30 years.
Loan applications can be filed until February 14th, 2011.
For more information on the loans visit the SBA Web site at www.sba.gov.
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