Loan deadline soon for businesses impacted by floods
The U.S. Small Business Administration is reminding businesses in Indiana 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 severe storms and flooding Feb. 14 to March 4.
“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 before the Feb. 5,”said Kem Fleming, director of SBA Field Operations Center East.
Low-interest disaster loans are available in Dearborn, County. Working capital disaster loans up to $2 million are available at 3.58 percent for small businesses, and 2.5 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. To be considered for this assistance, eligible entities need to apply by the deadline.
Survivors may apply online using the Electronic Loan Application via SBA’s secure website at DisasterLoan.sba.gov.
Businesses may also obtain information and loan applications by calling 1-800-659-2955 The deadline to return economic injury applications is Feb. 5.