Small businesses hurt by record heat eligible
The U. S. Small Business Administration is offering disaster
assistance to small, non-farm businesses in 24 California counties.
Low-interest disaster loans are available to offset economic losses
because of reduced revenues for farmers and ranchers during the
record-setting heat wave that occurred July 1 through July 31.
Small businesses hurt by record heat eligible
The U. S. Small Business Administration is offering disaster assistance to small, non-farm businesses in 24 California counties. Low-interest disaster loans are available to offset economic losses because of reduced revenues for farmers and ranchers during the record-setting heat wave that occurred July 1 through July 31.
Many San Benito farmers and ranchers felt the brunt of the heat wave, including local fruit and nut growers, as well as a Tres Pinos chicken farmer.
The primary counties affected by the heat wave included San Benito, Amador, Contra Costa, San Joaquin, Santa Clara and Yuba. More than 18 neighboring counties are also eligible for the loan program.
The Economic Injury Disaster Loans are available for up to $1.5 million to help small businesses meet financial obligations and operating expenses, which would have been met had the disaster not happened.
“Eligibility for these working capital loans is based on the financial impact of the disaster only and not on any actual property damage,” said Alfred E. Judd, director of SBA’s disaster field operations center – West. “These loans have an interest rate of 4 percent, a maximum term of 30 years and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.”
The U. S. Secretary of Agriculture designates an agricultural disaster. Secretary Mike Johanns declared the disaster at the request of Governor Arnold Schwarzenegger.
Agricultural businesses can contact the Farm Services Agency for assistance.
The deadline to apply for loans is July 2, 2007. For more information and application forms, call 800-659-2955 or visit www.sba.goc/services/disasterassistance.
