Small Business Disaster loans available for non-farm businesses

Ag/Outdoor, News

July 18th, 2012 by Ric Hanson

Small, non-farm businesses in 43 Iowa counties and neighboring counties in Illinois, Missouri, Nebraska and Wisconsin are now eligible to apply for low interest federal disaster loans from the U. S. Small Business Administration (SBA). Alfred E. Judd, Director of SBA’s Disaster Field Operations Center-West said Wednesday, that the loans offset economic losses because of the frosts and freezes that occurred in the following primary Iowa counties from April 6th through the 30th. Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance.

The Primary Iowa counties in this area include: Audubon and Harrison.  Neighboring Iowa counties: Adair, Carroll, Cass, Crawford, Dallas, Guthrie, Monona, Pottawattamie, and Shelby.

Agricultural enterprises should contact the Farm Services Agency (FSA) about the U. S. Department of Agriculture (USDA) assistance made available by the Secretary’s declaration. Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela. Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling SBA toll-free at (800) 659-2955, emailing disastercustomerservice@sba.gov, or visiting SBA’s Web site at www.sba.gov/services/disasterassistance.

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 (EIDLs) of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. The deadline to apply for the loans is March 11th, 2013. By law, SBA makes EIDLs available when the U. S. Secretary of Agriculture designates an agricultural disaster. Secretary Tom Vilsack declared this disaster at the request of Governor Terry Branstad.