Federal Disaster Loans Related to Economic Damage Available for Oxford County

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The US Small Business Administration reminds small businesses, small agricultural cooperatives, small aquaculture businesses, and private nonprofits in Oxford County that July 26 is the deadline for filing a federal loan to cover economic damage due to the drought that began on May 26, 2020. …

According to this statement, the SBA Economic Loss Disaster Loan Program is available to eligible agricultural and non-agricultural organizations that have suffered financial losses as a result of this disaster. In addition to aquaculture businesses, the SBA cannot provide disaster loans to agricultural producers, farmers and ranchers. Nurseries are eligible to apply for a disaster economic loss loan to cover damages caused by drought.

Loans are for working capital and can be up to $ 2 million with an interest rate of 3% for small businesses and 2.75% for private non-profit organizations for up to 30 years. The SBA determines eligibility based on the size of the applicant, the type of activity and their financial resources. Loan amounts and conditions are set by the SBA and are based on the financial condition of each applicant. These working capital loans can be used to pay fixed debts, wages, payables, and other bills that might have been paid if the disaster hadn’t happened. Loans are not intended to replace lost sales or profits.

Applicants can apply online using the Electronic Loan Application through SBA’s secure website DisasterLoan.sba.gov, and must apply in accordance with SBA Declaration No. 16792. Information and application forms can also be obtained by calling the SBA Customer Service Center at phone 800-659-2955 (800-877-8339 for the deaf and hard of hearing) or by sending an email to [email protected]


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