SBA Economic Injury Disaster Loan Deadline Approaching

March 13, 2007; 02:52 AM

The U.S. Small Business Administration (SBA) is reminding businesses in the declared Sussex County and the contiguous county of Kent in the State of Delaware and contiguous counties of Caroline, Dorchester, Wicomico and Worcester in the State of Maryland that Economic Injury Disaster Loans (EIDLs) are still available to small businesses economically impacted by severe storms and flooding on June 25, 2006.

"Small businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the April 13 deadline," said Frank Skaggs, Director of SBA Field Operations Center East.

Small businesses may apply for loans up to $1.5 million if they suffered substantial economic injury from the disaster. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. These loans are not intended to replace lost sales or profits.

The interest rate on these loans is 4 percent, with a maximum term of 30 years. The SBA determines the amount of economic injury, the terms of each loan and repayment, based on the financial circumstances of each borrower.

To obtain a loan application, interested business owners should contact SBA's Customer Service Center by calling 800-659-2955 (1-800-877-8339 for the hearing-impaired), Monday through Friday from 8 a.m. until 9 p.m. EDT. Business disaster loan applications can also be downloaded from the SBA's website at http://www.sba.gov/services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline for economic injury loan applications is April 13, 2007.

For more information about the SBA's Disaster Loan Programs, visit our website at http://www.sba.gov/services/disasterassistance.