Small non-farm businesses in multiple counties of Missouri are now eligible to apply for low-interest federal disaster loans from the U.S. Small Business Administration. These loans are to offset economic losses because of reduced revenues caused by the drought that is currently affecting the area.
Small non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profits of any size may qualify for Economic Injury Disaster Loans of up to $2,000,000 to help meet financial obligations and operating expenses which could have been met had the disasters not occurred.
Twenty-five primary counties are included, among them are all nine counties of the Green Hills plus Carroll, Chariton, Clinton, DeKalb, and Gentry. Forty-five neighboring counties also would be eligible for small business loans.
Eligibility for these loans is based on the financial impact of the disasters only and not on any actual property damage. These loans have an interest rate of 3.61 percent for businesses and 2.5 percent for private non-profit organizations. There’s a maximum term of 30 years.
By law, SBA makes economic injury available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared the drought disasters on August 1st.
Businesses primarily engaged in farming or ranching are NOT eligible for SBA disaster assistance. Agricultural interests should instead contact their county Farm Services Agency about assistance available as a result of the Ag Secretary’s declaration. However, in drought disasters, nurseries are eligible for SBA assistance.
Applicants may apply online and receive additional information and download applications at https://disasterloan.sba.gov/ela.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected]
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14-925 Kingsport Road, Fort Worth, Texas. Zip code: 76155.