Pennsylvania Small Businesses Reminded of Approaching Deadline for Drought Relief Loan Applications
Get a Hand with Disaster Recovery:
Small Biz News Flash 💥 It's time for small businesses and nonprofits in certain counties of Pennsylvania and West Virginia hit by the September 2024 drought to take advantage of federal aid!
Urged by the U.S. Small Business Administration (SBA), eligible establishments have till June 2, 2025, to apply for disaster loans. This comes following a disaster declaration for Greene, Fayette, and Washington counties in Pennsylvania, and Marshall, Monongalia, and Wetzel counties in West Virginia.
Eligible organizations include small enterprises, cooperatives, aquaculture ventures, and nonprofits that took a budget hit due to the devastating drought starting on September 24, 2024. Chris Stallings, SBA's Office of Disaster Recovery and Resilience's Associate Administrator, said, "We aim to provide crucial financial assistance to help communities bounce back." 🎉
The SBA's Economic Injury Disaster Loan (EIDL) program provides loans for covering financial obligations and operating expenses. Even businesses that haven't suffered physical damage can qualify, given they were affected financially by the disaster. Remember, though, farmers, producers, and ranchers (except small aquaculture enterprises) won't be eligible under the present declaration.
Money from these loans can be used to pay fixed costs, salaries, bills, and more that have been impacted by the calamity. It's worth noting that the SBA encourages those in crisis, explaining that the loans can help them keep their heads above water during tough times.
Loan amounts can go up to $2 million, with interest rates reaching as low as 4% for businesses and 3.25% for nonprofits. Loan terms of up to 30 years can offer a lifeline for many. No repayments are required, and interest doesn't accrue until 12 months after the first disbursement. The SBA determines loan terms based on individual circumstances.
You can apply for these SBA disaster loans online at sba.gov/disaster or contact the SBA's Customer Service Center through phone (800) 659-2955, email ([email protected]), or telecommunications relay services by dialing 7-1-1 if you're hard of hearing.
Don't miss out on this opportunity! Apply before June 2, 2025, and mobilize to regain strength and grow in the face of adversity.
Small businesses and nonprofits affected by the September 2024 drought in certain Pennsylvania and West Virginia counties can apply for disaster loans through the SBA's Economic Injury Disaster Loan (EIDL) program to cover financial obligations and operating expenses. These loans can provide crucial financial assistance to help small enterprises, cooperatives, aquaculture ventures, and nonprofits bounce back from the disaster.
