SBA Economic Injury application deadline is January 19

ATLANTA, GA — The U.S. Small Business Administration is reminding businesses in Maine that Economic Injury Disaster Loans are still available to small businesses and nonprofit organizations of all sizes affected by the severe storms and flooding that occurred on February 23 through March 31, 2010.

“Businesses and nonprofit organizations that suffered economic loses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the January 19, 2011, deadline,” said Frank Skaggs, director of SBA Field Operations Center in Atlanta.

The maximum loan amount is $2 million for small businesses and nonprofit organizations that suffered substantial economic injury from the disaster. 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.

The interest rates on these loans are three percent for nonprofit organizations and four percent for business, with a maximum term of 30 years. The SBA determines the amount of economic injury and the terms of each loan based on the financial circumstances of each borrower. Eligibility for the program is determined by the SBA board on the size and type of business and its financial resources.

To obtain disaster loan information and application forms, call the SBA’s Customer Service Center at 1-800-659-2955 or 1-800-877-8339 for people with speech and hearing disabilities, Monday through Friday, from 8 a.m. to 6 p.m. ET, or send an e-mail to disastercustomerservice@sba.gov. Business disaster loan applications can also be downloaded from sss.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., Fort Worth, TX 76155.

Interested business owners and organizations may visit the SBA’s secure website at https://disasterloan.sba.gov/ela/ to apply for disaster loans.

The deadline for economic injury applications is January 19, 2011.