SBA Disaster Loan Deadline is April 23

March 22, 2007; 05:22 AM

The U. S. Small Business Administration (SBA) is reminding businesses that April 23 is the filing deadline for federal disaster loans that are available to small businesses located throughout the State of Georgia.

"SBA's disaster declaration was issued as a result of a similar action taken by the Secretary of Agriculture to help farmers recover from damages and losses to crops caused by drought and excessive temperatures on March 1, 2006 and continuing," according to Frank Skaggs, Director of SBA Field Operations Center East.

Under this declaration, SBA's Economic Injury Disaster Loan (EIDL) program is available to farm-related and nonfarm-related small business concerns and small agricultural cooperatives that suffered economic injury as a direct result of this disaster. Farmers and ranchers are not eligible to apply to SBA, but nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.

Eligible small businesses may qualify for loans up to $1.5 million. These loans are available at 4 percent interest rate with loan terms up to 30 years. 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 SBA and are based upon each applicant's financial condition. Under this disaster declaration, SBA cannot provide loans to agricultural producers.

Interested business owners should contact SBA's Customer Service Center by calling 1-800-659-2955 (1-800-877-8339 for the hearing impaired), Monday through Friday from 8 a.m. until 9 p.m. EDT. Business 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.

Completed loan applications must be returned to SBA no later than April 23, 2007.

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