Small nonfarm businesses in ten Missouri counties now have the opportunity to apply for low-interest federal disaster loans from the U.S. Small Business Administration. According to Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West, these loans are aimed at offsetting economic losses caused by a drought that began on July 25.
The eligible counties include:
Primary Missouri counties
- Grundy County
- Livingston County
Neighboring counties:
- Caldwell County
- Carroll County
- Chariton County
- Daviess County
- Harrison County
- Linn County
- Mercer County
- Sullivan County
Garfield clarified that SBA eligibility encompasses both businesses dependent on farmers and ranchers who have suffered agricultural production losses and businesses directly impacted by the disaster.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet their financial obligations and operating expenses, which could have been met had the disaster not occurred.
“These loans are based solely on the financial impact of the disaster and not on any actual property damage. Businesses receive a 4 percent interest rate, while private nonprofit organizations benefit from a 2.375 percent rate. The loans have a maximum term of 30 years and are available to small businesses and most private nonprofits facing financial hardship,” said Garfield.
The U.S. Secretary of Agriculture declared the disaster on July 31, triggering the availability of Economic Injury Disaster Loans, which are provided by law through the SBA during agricultural disasters.
It’s important to note that businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. However, nurseries qualify for SBA disaster assistance in cases of drought disasters. Agricultural enterprises should contact the Farm Services Agency to explore the U.S. Department of Agriculture assistance made available by the Secretary’s declaration.
Applicants interested in these loans may apply online at this link. Additionally, they can receive further disaster assistance information and download applications from the website. For inquiries about SBA disaster assistance, applicants can call the SBA’s Customer Service Center at (800) 659-2955 or email [email protected]. People who are deaf, hard of hearing, or have a speech disability can access telecommunications relay services by dialing 711. Completed applications should be mailed to the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to apply for economic injury assistance is April 1, 2024.
