SBA deadline for 2016 drought assistance is Oct. 24


Staff report



ATLANTA – The U.S. Small Business Administration is reminding businesses in Ohio that working capital loans are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations affected by the July 1 to Oct. 15 2016 drought in Ohio.

The deadline to apply for a working capital disaster loan is Oct. 24.

“Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so,” said Frank Skaggs, director of SBA Field Operations Center East.

Low-interest disaster loans are available in the following Ohio counties: Ashland, Coshocton, Delaware, Holmes, Knox, Licking, Morrow and Richland.

Working capital disaster loans up to $2 million are available at 4 percent for small businesses, and 2.625 percent for private nonprofit organizations, with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. Businesses may also obtain information and loan applications by calling the SBA’s Customer Service Center at 800-659-2955 or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov/disaster.

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Staff report