The U.S. Small Business Administration is reminding businesses that January 29 is the filing deadline for federal economic injury disaster loans available to small businesses located in the State of Florida as a result of drought conditions beginning March 1, 2007 and continuing.
Small businesses in the following counties are eligible to apply: Highlands, Jefferson, Lafayette, Madison, Okeechobee, Taylor and contiguous counties of Charlotte, Desoto, Dixie, Gilchrist, Glades, Hamilton, Hardee, Hendry, Indian River, Leon, Martin, Osceola, Palm Beach, Polk, St. Lucie, Suwannee, and Wakulla.
The Small Business Administration's disaster declaration was issued as a result of a similar action taken by the Secretary of Agriculture to help farmers recover from this disaster. Under this declaration, SBA's Economic Injury Disaster Loan program is available to farm-related and nonfarm-related small business concerns and small agricultural cooperatives that suffered financial losses as a direct result of this disaster. Farmers and ranchers are not eligible to apply to the SBA.
Eligible small businesses may qualify for loans up to $1.5 million. These loans are available at a 4 percent interest rate with loan terms up to 30 years. The SBA determines eligibility for the program based on the size and type of business and its financial resources. Loan amounts and terms are set by the SBA and are based upon each applicant's financial condition. Under this disaster declaration, the SBA cannot provide loans to agricultural producers. -- U.S. Small Business Administration
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