updated: 3/1/2013 3:12:37 PM

Deadline For Drought-Related Loans Approaching

InsideINdianaBusiness.com Report

The U.S. Small Business Administration says the application deadline for Indiana businesses and organizations affected by this summer's drought to apply for federal disaster loans is March 25. Eligible companies in designated areas can apply for up to $2 million in low-interest loans.

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March 1, 2013

News Release

Atlanta, Georgia -- 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 25 is the filing deadline for federal economic injury disaster loans available in Elkhart, LaGrange, St. Joseph and Steuben counties in Indiana as a result of the drought that began on July 17, 2012.

"These counties are eligible because they are contiguous to one or more primary counties in Michigan . The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included," 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 working capital 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.

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 25, 2013 .

Source: U.S. Small Business Administration

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