SBA Economic Injury Disaster Loans Available to Missouri Small Businesses
Small nonfarm businesses in 52 Missouri counties and 15 neighboring counties in Arkansas, Illinois, Kansas and Tennessee are now eligible to apply for low‑interest federal disaster loans from the U.S. Small Business Administration. These loans offset economic losses because of reduced revenues caused by rainfall and flooding in the following primary counties that occurred April 24 ‑ May 11, 2017, announced Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West.
- Primary Missouri counties: Bollinger, Butler, Cape Girardeau, Crawford, Dunklin, Franklin, Gasconade, Iron, Jasper, Jefferson, Laclede, Madison, Maries, Miller, Montgomery, Osage, Pemiscot, Phelps, Pulaski, Ripley, St. Louis, Ste. Genevieve, Stoddard and Wayne;
- Neighboring Missouri counties: Audrain, Barton, Callaway, Camden, Carter, Cole, Dade, Dallas, Dent, Lawrence, Lincoln, Moniteau, Morgan, New Madrid, Newton, Oregon, Perry, Pike, Reynolds, St. Charles, St. Francois, St. Louis City, Scott, Texas, Warren, Washington, Webster and Wright;
- Neighboring Arkansas counties: Clay, Craighead, Greene, Mississippi and Randolph;
- Neighboring Illinois counties: Alexander, Madison, Monroe, Randolph, St. Clair and Union;
- Neighboring Kansas counties: Cherokee and Crawford;
- Neighboring Tennessee counties: Dyer and Lake.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Garfield said.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 3.215 percent for businesses and 2.5 percent for private nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private nonprofits without the financial ability to offset the adverse impact without hardship,” Garfield said.
By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on July 6, 2017.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration.
Applicants may apply online, receive additional disaster assistance information and download applications athttps://disasterloan.sba.gov/
The deadline to apply for these loans is March 6, 2018.