Low-interest economic injury disaster loans are now available for small-business owners in five Arizona counties affected by the severe flooding and heavy rainfall that occurred from Oct. 3 through Oct. 6, 2010, announced Robert Blaney, district director of the U.S. Small Business Administration’s (SBA) Arizona District Office.
SBA amended its Feb. 7 declaration following further economic assessments in Maricopa County.
The amended declaration now covers the Arizona counties of Coconino, Gila, La Paz, Maricopa, Mohave, Navajo, Pima, Pinal, Yavapai and Yuma, and Kane and San Juan counties in Utah.
Small, non-farm businesses, small agricultural cooperatives and most private, nonprofit organizations of any size may qualify for economic injury disaster loans (EIDLs) of up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.
“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
“Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they experienced,” said Blaney.
“Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage.
“These loans have an interest rate of 4 percent for businesses and 3 percent for private, nonprofit organizations, a maximum term of 30 years, and are available to small businesses and most private, nonprofits without the financial ability to offset the adverse impact without hardship,” Blaney said.
Disaster loan information and application forms are available from SBA’s Customer Service Center by calling SBA toll-free at (800) 659 2955, e-mailing: email@example.com, or visiting SBA’s Web site at www.sba.gov/services/ disasterassistance.
Hearing impaired individuals can call (800) 877-8339.
Applicants may apply online using the Electronic Loan Application via SBA’s secure Web site at https://disasterloan.sba.gov/ela.
The filing deadline to return economic injury applications is Nov. 7, 2011.