MIAMI VALLEY, Ohio (WDTN) – The U.S. Small Business Administration (SBA) is offering Economic Injury Disaster Loans to small businesses impacted by excessive rain in Darke, Mercer, and Preble counties that began on March 1, 2019.
The loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations in Butler, Darke, Defiance, Hamilton, Mercer, Paulding, Preble, Van Wert, and Williams counties.
“These counties are eligible because they are contiguous to one or more primary counties in Indiana. The Small Business Administration recognizes that disasters do not usually stop at a county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included,” said Kem Fleming, director of SBA’s Field Operations Center East.
The assistance is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers.
The loans can be up to $2 million with interest rates of 2.75 percent for private nonprofit organizations of all sizes and 4 percent for small businesses, with terms of up to 30 years.
Eligibility is based on size of the applicant, type of activity and its financial resources.
Loan terms are set by the SBA and based on each applicant’s financial condition.
The funds may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
Applicants can apply online at this website.
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