Lake, Geauga County businesses encouraged to apply for Economic Injury Disaster Loans

Lake and Geauga County small businesses adversely affected by the frost and freeze between May 7 and May 15, 2017, are encouraged to apply for U.S. Small Business Administration Economic Injury Disaster Loans.

The deadline to apply for loans is May 11. Small businesses encouraged to apply include those involved in aquaculture, small agricultural cooperatives and private nonprofit organizations.

According to the office of U.S. Sen. Sherrod Brown, D-Ohio, these low-interest loans are available for up to $2 million with interest rates of 3.215 percent for eligible small businesses and 2.5 percent for nonprofit organizations, and terms up to 30 years. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

Applicants may apply online using the Electronic Loan Application via SBA’s secure website at Disasterloan.sba.gov.

Disaster loan information and application forms also may 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/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Previously