News for Immediate Release
Oct. 28, 2013
Economic Injury Disaster Loans Available in Three Pennsylvania Counties
Harrisburg – Most private, non-profit organizations and small aquaculture businesses in Pike, Susquehanna and Wayne counties are eligible for federal economic injury disaster loans as a result of excessive rain, related flooding, winds and hail last May.
The U.S. Small Business Administration announced the availability of the loans on Friday.
“This is good news for the eligible applicants in these three counties,” said Pennsylvania Emergency Management Director Glenn Cannon. “Disasters don’t know county lines and that’s why adjacent counties are included by the SBA.”
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and non-farm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.
The loan amount can be up to $2 million with interest rates of 2.875 percent for private non-profit organizations of all sizes and 4 percent for small businesses, with terms up to 30 years.
The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. 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. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application via SBA’s secure website at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an e-mail to firstname.lastname@example.org. Loan applications can be downloaded from the SBA’s website at www.sba.gov/disaster.
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 June 2, 2014.
Media contact: Cory Angell, 717-651-2169