Deadline for SBA Economic Disaster Loans June 6th
Camron A. Doss, Director of the Small Business Administrationís Portland Office announced that small businesses have until June 6, to apply for SBA Economic Injury Disaster Loans. These low-interest federal disaster loans are available to small businesses for working capital needs as a result of the Multiple Fire Complexes that occurred July 26 through September 30, 2013.
Small businesses in Josephine and Jackson counties are eligible to apply for these working capital loans.
Doss pointed out small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations of any size may qualify for loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for small businesses and 2.875 percent for private, nonprofit organizations with terms up to 30 years, and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.