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Deadline Nears For SBA Disaster Loans

Just received this from the folks over at the U.S. Small Business Administration:

The U.S. Small Business Administration is reminding businesses in New Hampshire that Economic Injury Disaster Loans are still available to small businesses economically impacted by the severe ice storm that occurred December 11, 2008.

“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 December 5 deadline,” said Frank Skaggs, Director of SBA Field Operations Center East.

ice-stormSmall businesses in the following counties are eligible to apply: Belknap, Carroll, Cheshire, Coos, Grafton, Hillsborough, Merrimack, Rockingham, Strafford and Sullivan in New Hampshire; Essex, Middlesex and Worcester counties in Massachusetts; York County in Maine and Caledonia, Essex, Orange and Windsor counties in Vermont.

Loans are available up to $2 million for small businesses that suffered substantial economic injury from the disaster. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. These loans are not intended to replace lost sales or profits.

The interest rate on these loans is 4 percent, with a maximum term of 30 years. The SBA determines the amount of economic injury and the terms of each loan based on the financial circumstances of each borrower. The SBA determines eligibility for the program based on the size and type of business and its financial resources.

To obtain a loan application, interested business owners should contact the 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 9 p.m. EST, or by sending an email to disastercustomerservice@sba.gov. Business disaster loan applications can also be downloaded from www.sba.gov/services/disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Victims may visit the SBA’s secure website at https://disasterloan.sba.gov/ela/ to apply for disaster loans.

The deadline for economic injury applications is December 5, 2009.

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