WASHINGTON, D.C. – Following the designation of eight western Ohio counties as natural disaster areas, state officials last week announced small businesses in Butler, Darke, Defiance, Hamilton, Mercer, Paulding, Preble, and Van Wert Counties will now have access to federal resources to help offset financial losses resulting from excessive rain and flooding that began on May 1.
Small businesses, small agricultural cooperatives, small aquaculture businesses, and private non-profit organizations in these counties can apply for assistance from the U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan program.
“Small business owners in western Ohio can now access resources needed to recover from this year’s excessive rain and flooding—which may have impacted their businesses through no fault of their own,” U.S. Sen. Sherrod Brown said. “These loans will help businesses rebuild and get back on their feet.”
Eligible business can borrow up to $2 million to pay fixed debts, payroll, and other bills that would have been paid had there not been excessive rain and flooding. The deadline to apply for these funds is April 12, 2016.
Eligible Ohioans may apply online via SBA’s secure website at https://disasterloan.sba.gov/ela/. Loan application forms can also be obtained by emailing the SBA at firstname.lastname@example.org, calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or downloading the forms at www.sba.gov/disaster. Applicants should mail completed forms to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.Senate President Keith Faber (R-Celina) today urged local businesses and agricultural cooperatives that have recently experienced rain and flooding damage to take advantage of federal Economic Injury Disaster Loans.
The U.S. Small Business Administration (SBA) announced last week that small businesses, small agricultural cooperatives and private nonprofit organizations located in Ohio were eligible for federal loans of up to $2 million to help soften the financial blow incurred from the excessive rainfall since May 1.
“The unusually heavy rainfall we’ve experienced this summer has really taken its toll on many of our small businesses and agricultural cooperatives,” said Faber. “I applaud the actions the SBA is taking to lessen the impact on our local economy and encourage businesses that are hurting to apply for relief.”
“Small businesses and the agriculture industry are a vital part of our community and our economy,” said Ohio Senator Beagle. “These loans and their availability to business owners in Darke and Preble Counties will be able to provide relief to some of those hit hardest by the weather this summer.”
Federal assistance is available to eligible farm-related and non-farm entities that suffered financial losses as a direct result of the disaster. With the exception of aquaculture enterprises, the U.S. Small Business Administration (SBA) can not provide disaster loans to agriculture producers, farmers or ranchers.
The loans of up to $2 million will have interest rates of 2.65 percent for private nonprofit organizations and 4 percent interest for small businesses, with terms up to 30 years for eligible applicants. Eligibility is determined based on the size of the applicant, type of activity and its financial resources.