Small nonfarm businesses in 15 Texas counties are now eligible to apply for low interest federal disaster loans from the US Small Business Administration, announced Director Tanya N. Garfield of SBA’s Disaster Field Operations Center-West.
These loans offset economic losses because of reduced revenues caused by drought in the following primary counties that began Feb. 14, 2023.
The loans are available in primary counties of Armstrong and Sutton and in neighboring counties of Donley, Briscoe, Carson, Crockett, Edwards, Gray, Kimble, Menard, Potter, Randall, Schleicher, Swisher, and Val Verde.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Garfield said.
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 of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
By law, SBA makes Economic Injury Disaster Loans available when the US Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on April 7, 2023.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the US Department of Agriculture assistance made available by the Secretary’s declaration. However, nurseries are eligible for SBA disaster assistance in drought disasters.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.
The deadline to apply for economic injury is Dec. 7, 2023.
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