167647 Resource 149176 155860 149257 1177957435779 1177969551826 Controlled Economic Injury Disaster Loans for Small Businesses

Help for small businesses located in disaster areas

It’s a nightmare for business owners: the idea of recovering from a flood, tornado or other disaster. What would you do? How would you proceed, and would your business survive? As Spring arrives and visions of tornadoes, storms and floods dance in our heads, you’ll be happy to know that if you ever suffer such an event, there’s help. According to the Small Business Association, if your small business has suffered substantial economic injury, regardless of physical damage, and is located in a declared disaster area, you may be eligible for financial assistance from the U.S. Small Business Administration. Small businesses and small agricultural cooperatives that have suffered substantial economic injury resulting from a physical disaster or an agricultural production disaster designated by the Secretary of Agriculture may be eligible for the SBA's Economic Injury Disaster Loan Program (EIDL). Substantial economic injury is the inability of a business to meet its obligations as they mature and to pay its ordinary and necessary operating expenses. An EIDL can help you meet necessary financial obligations that your business could have met had the disaster not occurred. It provides relief from economic injury caused directly by the disaster and permits you to maintain a reasonable working capital position during the period affected by the disaster. The SBA provides EIDL assistance only to those businesses that are unable to obtain credit elsewhere. The SBA can provide up to $1.5 million in disaster assistance to a business. This loan cap includes both economic injury and physical damage assistance. Loan amounts are based on actual economic injury and financial needs. The interest rate on EIDLs cannot exceed 4 percent per year, and the term of these loans cannot exceed 30 years. Terms are determined by the recipient’s ability to repay the loan. If you are a victim of a disaster, you can get more information at <A href="http://www.sba.gov/">http://www.sba.gov/</A>. Source: Small Business Association 10 application/xml false disaster areas disaster loans economic injury disaster economic injury disaster loans help for small businesses loans for small businesses small business Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 2.0.50727; .NET CLR 3.0.04506.30; .NET CLR 1.1.4322) 127.0.0.1 127.0.0.1 cmalmstrom false true false false true 189572 false false true false false false true 149176 blog blogsite/FreedomVoice/web