Small Business Owners Still Have Time to Apply

June 19, 2007; 02:41 AM

The U.S. Small Business Administration (SBA) is reminding businesses in declared Clark and Floyd counties and the contiguous counties of Harrison, Jefferson, Scott and Washington in the state of Indiana and contiguous counties of Jefferson, Oldham and Trimble in the Commonwealth of Kentucky that Economic Injury Disaster Loans (EIDLs) are still available to small businesses that were economically impacted by severe storms and flooding that occurred on September 22 - 23, 2006.

"Small businesses that suffered economic injury losses as a result of the disaster and want to apply for a low-interest loan from the SBA are urged to do so before the July 16, 2007 deadline," said Frank Skaggs, Director of SBA Field Operations Center East.

Small businesses may apply for a loan up to $l.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 4.000 percent, with a maximum term of 30 years. The SBA determines the amount of economic injury, the terms of each loan and the payment amount, 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 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. until 9 p.m.; Saturday from 9 a.m. to 5:30 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 July 16, 2007.

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