Friday, June 10 2022
The US Small Business Administration

The United States Small Business Administration (SBA) reminds small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations that February 11 is the filing deadline. federal economic disaster loans in St. Croix, U.S. Virgin Islands, due to a drought that began April 20, 2021.

Under this statement, the SBA Economic Disaster Loan Program is available to eligible farm and non-farm entities that have suffered financial loss as a direct result of this disaster.

Outside of aquaculture businesses, the SBA cannot make disaster loans to agricultural producers, farmers, and ranchers. Nurseries are eligible to apply for economic disaster loans for losses caused by drought conditions.

The loan amount can be up to $2 million with interest rates of 3% for small businesses and 2% for private non-profit organizations, with terms up to 30 years. The SBA determines eligibility based on the applicant’s size, type of business, and financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation. These working capital loans can be used to pay fixed debts, salaries, accounts payable and other bills that could have been paid had the disaster not occurred. Loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s/ and must apply under SBA Statement No. 17000, and no for the COVID-19 incident.

Disaster loan information and application forms can also be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard of hearing) or emailing an email to [email protected]. Loan applications can be downloaded from the SBA website. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Submit completed loan applications to the US Small Business Administration by February 11.

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