SBA offers disaster loans to areas in Northwest Ohio affected by flooding

SBA offers disaster loans to areas in Northwest Ohio affected by flooding

(WTOL) - The U.S. Small Business Administration announced that federal Economic Injury Disaster Loans are available to small businesses, agricultural cooperatives, and businesses engaged in aquaculture and most private nonprofit organizations in Ohio as a result of the July flooding.

"When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster," said Frank Skaggs, director of SBA's Field Operations Center East.

This disaster declaration includes Defiance, Fulton, Hancock, Henry, Lucas, Putnam, Williams and Wood Counties.

Under this declaration, the SBA's Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related businesses that suffered financial losses as a direct result of the flooding.

SBA can't provide disaster loans to agricultural producers, farmers or ranchers, with the exception of aquaculture enterprises.

The SBA determines eligibility based on the size of the applicant, type of activity and financial resources.

The SBA says the working capital loans can be used to pay fixed debts, payroll accounts payable and other bills that could have been paid had the flooding not occurred. They say the loans are not intended to replace lost sales or profits.

The loan can be up to $2 million dollars with varying interest rates.

Loan applications can be downloaded here.

Applicants can also apply using the Electronic Loan Application on SBA's secure website.

Complete loan applications must be returned to SBA no later than May 14 of next year.

Visit here for more information.

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