WASHINGTON — U.S. Sens. Saxby Chambliss, R-Ga., and Johnny Isakson, R-Ga., Wednesday announced that the U.S. Small Business Administration (SBA) Economic Injury Disaster Loan program has made available federal disaster loans for farm-related and nonfarm-related small businesses and small agricultural cooperatives in Georgia that have suffered financial losses as a result of the drought.
“We are currently experiencing an unprecedented drought, and we want to make certain that small business owners, such as those in the landscaping and nursery industry who have suffered financially, are aware that this assistance is available,” said Chambliss. “I encourage folks to contact the Small Business Administration as soon as possible.”
“Georgia is facing severe drought conditions, and many small businesses are facing economic hardship as a result,” Isakson said. “We want to make sure those small businesses affected in Georgia are aware of available assistance from the Small Business Association.”
Eligibility, loan amounts and terms are set by the SBA and are based upon each applicant’s financial resources, size and type of business. Eligible small businesses may qualify for loans up to $1.5 million at a 4 percent interest rate with terms up to 30 years. Under this disaster declaration, the SBA cannot provide loans to agriculture producers, but nurseries are eligible to apply.
Small businesses affected by the drought in any Georgia county are eligible to apply. The application filing deadline is March 27, 2008, for all Georgia counties except Chattahoochee and Muscogee, which have a filing deadline of June 18, 2008.
Business owners should contact SBA’s Customer Service Center by calling 1-800-659-2955 (1-800-877-8339 for the hearing impaired) Monday through Friday from 8 a.m. to 10 p.m. EST. Loan applications can be downloaded from www.sba.gov and completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
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Businesses may qualify for loans due to drought
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