The U.S. Small Enterprise Administration (SBA) is urging small companies and personal nonprofit organizations in Pennsylvania and West Virginia affected by the September 2024 drought to use for federal catastrophe loans earlier than the June 2, 2025 deadline.
The help comes below a catastrophe declaration for Greene, Fayette, and Washington counties in Pennsylvania and Marshall, Monongalia, and Wetzel counties in West Virginia. Eligible candidates embrace small companies, small agricultural cooperatives, aquaculture enterprises, and personal nonprofits (PNPs) that skilled monetary losses because of the drought that started on September 24, 2024.
“By means of a declaration by the U.S. Secretary of Agriculture, SBA offers crucial monetary help to assist communities recuperate,” stated Chris Stallings, affiliate administrator of the Workplace of Catastrophe Restoration and Resilience on the SBA. “We’re happy to supply loans to small companies and personal nonprofits impacted by these disasters.”
SBA’s Financial Damage Catastrophe Mortgage (EIDL) program offers working capital loans to assist eligible entities cowl monetary obligations and working bills that might have been met had the catastrophe not occurred. The loans can be found even to people who didn’t maintain bodily injury.
Mortgage funds could also be used to pay mounted money owed, payroll, accounts payable, and different payments impacted by the catastrophe. Nevertheless, the SBA notes that agricultural producers, farmers, or ranchers—apart from small aquaculture enterprises—usually are not eligible for this help below the present declaration.
Mortgage quantities can attain as much as $2 million with rates of interest as little as 4% for small companies and three.25% for nonprofits. Phrases can lengthen as much as 30 years. No funds are required, and curiosity doesn’t accrue till 12 months after the primary disbursement. Mortgage phrases and quantities are decided by the SBA based mostly on every applicant’s monetary circumstances.
Candidates could apply on-line at sba.gov/catastrophe or contact the SBA’s Buyer Service Middle by cellphone at (800) 659-2955 or by e mail at disastercustomerservice@sba.gov. People who’re deaf, laborious of listening to, or have a speech incapacity can entry telecommunications relay providers by dialing 7-1-1.
All accomplished mortgage functions should be submitted to the SBA no later than June 2, 2025.
