Deadline looms for SBA loans for drought impacts

The deadline is approaching for businesses and other groups in Florida for to apply for SBA Working Capital Loans Due to Drought.

March 12th is the filing deadline for the federal economic injury disaster loans that were made available in Florida as a result of the drought that began January 1st, 2012.

The SBA’s disaster declaration includes Franklin, Gulf, Wakulla and Liberty counties.

Under the declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of drought conditions that impacted much of the Southeast.

The loan amount can be up to $2 million with interest rates as low as 4 percent for eligible small businesses and 3 percent for non-profit organizations with terms up to 30 years.

Applicants can apply online using the Electronic Loan Application on SBA’s secure website at/disasterloan.sba.gov or by calling the SBA’s Customer Service Center at 800-659-2955.

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