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Loans available for April freeze damage

POSTED: July 12, 2007 5:02 a.m.

ATLANTA — The U.S. Small Business Administration announced that federal disaster loans are available to small businesses located in all Georgia counties except Clay County as a result of damages and losses to crops caused by record setting cold temperatures and freezing conditions that occurred April 6-9.

“SBA’s disaster declaration was issued as a result of a similar action taken by the Secretary of Agriculture to help farmers recover from damages and losses to crops,” said Frank Skaggs, Director of SBA Field Operations Center East.

Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to farm-related and nonfarm-related small business concerns and small agricultural cooperatives that suffered economic injury as a direct result of this disaster. Farmers and ranchers are not eligible to apply to SBA.

Eligible small businesses may qualify for loans up to $1.5 million. These loans are available at a 4 percent interest rate with loan 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. Under this disaster declaration, SBA cannot provide loans to agricultural producers.

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.-9 p.m.; Saturday and Sunday from 9 a.m.-3 p.m. Business loan applications can also be downloaded from the SBA’s Web site at www.sba.gov/services/disasterassistance. Completed applications must be returned to SBA no later than Jan. 18, 2008, and should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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