The U.S. Small Business Administration announced Friday small businesses and agricultural cooperatives in Allen County will be eligible to apply for Economic Injury Disaster Loans as a result of heavy rain and flooding last fall. The federal government declared several western Ohio counties a disaster area due to severe damage caused by a storm in November.
Allen County is adjacent, or contiguous, to Ohio counties, thereby making it eligible for the disaster relief program.
“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 Kem Fleming, director of SBA’s Field Operations Center East.
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. But the SBA does not provide disaster loans to ag producers, farmers, and ranchers.
SBA SAYS the loan can be up to $2 million with interest rates of 3.74 percent for small businesses and 2.75 percent for private nonprofit organizations, with terms up to 30 years.