Information and Education for 4th Congressional District Small Businesses
SBA Economic Injury Disaster Loans Available in Georgia
Following Secretary of Agriculture Disaster Declaration
ATLANTA - The U.S. Small Business Administration (SBA) announced today that federal Economic Injury Disaster Loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations located in Georgia as a result of the drought that began on May 31, 2016.
This disaster declaration includes the following counties: Barrow, Bartow, Cherokee, Cobb, Dawson, DeKalb, Fannin, Forsyth, Fulton, Gilmer, Gordon, Gwinnett, Hall, Jackson, Lumpkin, Murray, Pickens, Rockdale, Union, Walton and Whitfield in Georgia.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers. Nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
The loan amount can be up to $2 million with interest rates of 2.625 percent for private nonprofit organizations and 4 percent for small businesses, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. 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. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms may also 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 firstname.lastname@example.org. 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.
Completed loan applications must be returned to SBA no later than March 27, 2017.
For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster
Nearing retirement? Thinking about starting a small business?
Are you nearing retirement and exploring new opportunities? Or, are you wondering how you will manage once you retire? A growing number of individuals over the age of 50+ are turning to small business ownership. We call them “encore entrepreneurs”.
Whether you are interested in starting a small business right away or intend to wait until retirement, now is the time to explore the possibilities.
Click here for insights about SBA's Encore Entrepreneur support and resources.
With over 70 years of history, The DeKalb Chamber of Commerce is a membership based organization who's mission is to support, promote, and sustain business development in DeKalb County.
Click here for insights about the Dekalb Chamber support and resources.
The Conyers-Rockdale Chamber provides leadership is the catalyst for promoting and maintaining a pro business environment, enhancing the quality of life for the Conyers-Rocdale community. Bottom line, the Conyers-Rockdale Chamber want your business to succeed. To do that, your Chamber partners with you to provide numerous opportunities to network and promote your business.
The Gwinnett Chamber of Commerce offers the metro Atlanta business community opportunities for growth while working with regional partners to collaborate on economic and community development initiatives in Georgia. With core objectives to create quality jobs and wealth, strengthen the community and grow your business, the Gwinnett Chamber services over 2,700 members in metro Atlanta while delivering solid programs and potential to connect your business regionally and globally.
Click here for insights about Gwinnett Chamber of Commerce support and resources.
The Covington/Newton County Chamber of Commerce will provide leadership in the areas of: Business Advancement, Economic Development, and Tourism. We will provide value to our membership and community through: Promotion of Newton County, Strategic Partners, Providing Educational Opportunities for Business, and Being an Advocate for all Business.
Click here for insights about Covington-Newton County Chamber of Commerce support and resources.
The Atlanta Metropolitan Black Chamber of Commerce remains committed to implementing proactive measures to ensure a strong economic future for our communities throughout Georgia. Establishing sustainable businesses within our membership is our number one priority in ensure our member businesses and organizations remain relevant, competitive and sustainable for future generation.
Click here for insights about Atlanta Metropolitan Black Chamber of Commerce support and resources.