March 12 Deadline Approaching in Illinois for SBA Working Capital Loans Due to Drought

Wed Feb 13, 2013 2:38pm EST

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ATLANTA,  Feb. 13, 2013  /PRNewswire-USNewswire/ -- The U.S. Small Business
Administration is reminding small businesses, small agricultural cooperatives,
small businesses engaged in aquaculture and most private non-profit
organizations of all sizes that  March 12is the filing deadline for federal
economic injury disaster loans available in  Illinoisas a result of  the drought
that began  June 19, 2012.  

(Logo:   http://photos.prnewswire.com/prnh/20110909/DC65875LOGO)  

The SBA's disaster declaration includes the following counties:  Alexander, 
Clay,  Crawford,  Edwards,  Franklin,  Gallatin,  Hamilton,  Hardin,  Jackson, 
Jasper,  Jefferson,  Johnson,  Lawrence,  Massac,  Perry,  Pope,  Pulaski, 
Randolph,  Richland,  Saline,  Union,  Wabash,  Wayne,  White  and  Williamson 
counties in  Illinois; and  Cape Girardeau,  Mississippi,  Perry  and  Scott  in
 Missouri.

"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 in  Atlanta.

Under this declaration, the SBA's Economic Injury Disaster Loan program is
available to eligible  
farm-related and nonfarm-related entities that suffered financial losses as a
direct result of this disaster.  With the exception of aquaculture enterprises,
SBA cannot provide disaster loans to agricultural producers, farmers, or
ranchers.  Nurseries are eligible to apply for economic injury disaster loans
for losses caused by drought conditions.  

The loan amount can be up to  $2 million  with interest rates as low as 4
percent for eligible small businesses and 3 percent for non-profit organizations
with terms up to 30 years.  The SBA determines eligibility based on the size of
the applicant, type of activity and its financial resources.  Loan amounts and
terms are set by the SBA and are based on each applicant's financial condition. 
These working capital loans may be used to pay fixed debts, payroll, accounts
payable, and other bills that could have been paid had the disaster not
occurred.  The loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application (ELA) via
SBA's secure website at  https://disasterloan.sba.gov/ela.

Disaster loan information and application forms may also be obtained by calling
the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and
hard-of-hearing) or by sending an email to  disastercustomerservice@sba.gov. 
Loan applications can be downloaded from the SBA's website at  www.sba.gov.
Completed applications should be mailed to: U.S. Small Business Administration,
Processing and Disbursement Center, 14925 Kingsport Road,  Fort Worth, TX 
76155.   

Completed loan applications must be returned to SBA no later than  March 12,
2013.  

For more information about the SBA's Disaster Loan Program, visit our website at
 www.sba.gov.

Contact:Michael Lampton
Phone:  404-331-0333  

Release Number:  13-284, IL 13140  

SOURCE  U.S. Small Business Administration

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