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SBA makes disaster loans available in Surry County

October 3rd, 2007 · No Comments

The U.S. Small Business Administration has announced that federal disaster loans are available to small businesses located in 96 North Carolina counties, including Surry County and all of the Triad, as a result of drought and high temperatures in 2007.

“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, SBA issues a declaration to assist small businesses affected by the same disaster,” said Frank Skaggs, director of SBA Field Operations Center East.

Under this declaration, SBA’s Economic Injury Disaster Loan program is available to farm-related and nonfarm-related small business concerns and small agricultural cooperatives that suffered financial losses as a direct result of this disaster. Farmers and ranchers are not eligible to apply to SBA — they should contact the USDA for assistance — but nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.

Eligible small businesses may qualify for loans up to $1.5 million at a 4 percent interest rate with terms up to 30 years. SBA determines eligibility for the program based on the size and type of business and its financial resources. Loan amounts and terms are set by SBA and are based upon each applicant’s financial condition.

Interested business owners should contact SBA’s Customer Service Center by calling 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. to 9 p.m. and Saturday from 9 a.m. to 5:30 p.m. (closed Oct. 6-8). For more information and to download loan applications, visit the SBA’s website at

Completed applications should be mailed no later than May 12, 2008, 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 May 12, 2008.

Tags: Businesses

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