Saylor Announces Federal Economic Injury Loans Available For York County
– Rep. Stan Saylor (R-York) today announced that federal Economic Injury Disaster Loans are now available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations located in Pennsylvania as a result of the frost and freeze that occurred on April 4–10, 2016.
This disaster declaration includes the following counties: Adams, Columbia, Cumberland, Dauphin, Franklin, Juniata, Lancaster, Lycoming, Montour, Northumberland, Perry, Schuylkill, Snyder, Union and York.
“This is an opportunity for York County farmers and business that were affected by the sharp freeze last year to get a little breathing room in their budgets while they recover from their losses,” Saylor said. “When the federal Department of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the federal Small Business Administration follows suit and also issues a declaration to other eligible entities affected by the same disaster.”
The Small Business Administration’s (SBA) Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Nurseries are also eligible to apply for economic injury disaster loans for losses caused by drought conditions, but the SBA cannot provide disaster loans to agricultural producers, farmers or ranchers.
The loan amount can be up to $2 million with interest rates of 2.625 percent for private nonprofit organizations and 4 percent for small businesses, with terms up to 30 years.
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. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website: https://disasterloan.sba.gov/ela.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to firstname.lastname@example.org
Loan applications can be downloaded from the SBA’s website. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155
Completed loan applications must be returned to SBA no later than Oct. 24, 2017.
Representative Stan Saylor
Pennsylvania House of Representatives
Media Contact: Charles Lardner