Small businesses in El Dorado, Douglas County eligible for emergency loans
Small nonfarm businesses in El Dorado County and Douglas County are eligible to apply for federal disaster loans, the U.S. Small Business Administration announced late last week.
The loans are to offset economic losses and reduced revenues due to drought in 10 primary California counties — which include El Dorado — that began Oct. 1, 2016, Tanya Garfield with SBA’s Disaster Field Operations Center West said in a press release.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Garfield said.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
“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 2.625 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,” Garfield said.
Primary California counties include: Alameda, Amador, Colusa, Contra Costa, El Dorado, Lake, Sacramento, Santa Cruz, Solano and Yolo. Neighboring California counties include: Alpine, Butte, Calaveras, Glenn, Mendocino, Monterey, Napa, Placer, San Benito, San Francisco, San Joaquin, San Mateo, Santa Clara, Sonoma, Stanislaus and Sutter. Douglas County in Nevada also is eligible.
By law, SBA makes economic injury disaster loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The secretary declared this disaster on March 22.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the secretary’s declaration. However, nurseries are eligible for SBA disaster assistance in drought disasters.
Applicants may apply online using SBA’s website at http://bit.ly/1sQyB2L. The deadline to apply for these loans is Nov. 22.
Disaster loan information and application forms are also available from SBA’s customer service center by calling 800-659-2955 or emailing email@example.com. Individuals who are deaf or hard‑of‑hearing may call 800-877-8339. More disaster assistance information can be found at http://www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.