SBA loans available to small business, others

The U.S. Small Business Administration recently announced that federal economic injury disaster loans are available to small businesses, small agricultural cooperatives and most private, non-profit organizations of all sizes located in the State of Indiana as a result of severe storms, tornadoes, torrential rainfall and flooding that occurred on May 30, 2008.

All small businesses in Indiana except Blackford, Dekalb, LaPorte, Porter and Steuben counties, are eligible to apply to SBA.

Under this declaration, SBA's Economic Injury Disaster loan Program is available to farm-related and non farm-related small business concerns, small agricultural cooperatives and most private, non-profit organizations of all sizes that suffered financial losses as a direct result of this disaster. Farmers and ranchers are not eligible to apply to SBA.

Loans of up to $2 million are available to those who are eligible. These loans have a 4 percent interest rate with loan terms up to 30 years. Decisions by the SBA are based on the size of the entity, type of activity and financial resources.

Those interested should contact the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the hearing-impaired) Monday-Friday from 8 a.m. to 9 p.m. and Saturday and Sunday from 9 a.m. to 6 p.m.

You can also email the center at disastercustomerservice@sba.gov. Loan applications can be downloaded from the SBA's Web site at www.sba.gov/services/disasterassistance. Completed applications should be mailed to the US Small Business Administration, Processing a Disbursement Center, 14925 S Kingsport Rd, Fort Worth, TX 76155.

Loan applications must be returned to SBA no later than March 16, 2009.