Deadline approaching to apply for disaster loan for 2018 flooding

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ATLANTA (CBS19 NEWS) -- Small businesses, agricultural cooperatives, businesses engaged in aquaculture and many private nonprofits that were impacted by flash flooding last year are running out of time to apply for disaster help.

The U.S. Small Business Administration says its disaster declaration for the excessive rain, flash flooding and flooding that occurred between May 16 and June 30 of 2018 covers Albemarle, Greene, Louisa, Madison and Orange counties.

It also covers the counties of Brunswick, Charlotte, Culpeper, Fauquier, Halifax, Lunenberg, Mecklenburg, Page, Rappahannock, Spotsylvania, and Stafford.

Through the disaster declaration, the Economic Injury Disaster Loan Program is available to eligible farm-related and nonfarm-related entities that suffered financial losses directly due to the disaster can apply, but the deadline to do so is June 17.

The SBA says it does not provide disaster loans to agricultural producers, farmers and ranchers, with the exception of the aquaculture enterprises.

The loans are for working capital and can be up to $2 million with interest rates of 3.61 percent for eligible small businesses and 2.5 percent for nonprofit organizations with terms up of to 30 years.

Applications can be found online at the link in the Related Links box, by calling (800) 659-2955 or by sending an email to disastercustomerservice@sba.gov.

Completed applications need to be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.



 
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