Home Insurance Deadline approaching in Oregon for SBA working capital loans as a result of drought | Information

Deadline approaching in Oregon for SBA working capital loans as a result of drought | Information

Deadline approaching in Oregon for SBA working capital loans as a result of drought | Information


Director Tanya N. Garfield of the U.S. Small Enterprise Administration’s (SBA) Catastrophe Discipline Operations Middle-West on Monday, Feb. 7, reminded small nonfarm companies in 17 Oregon counties and neighboring counties in Idaho and Washington of the March 7 deadline to use for an SBA federal catastrophe mortgage for financial harm. These low-interest loans are to offset financial losses due to lowered revenues attributable to drought within the following main counties that started Could 11, 2021.

Main Oregon counties: Columbia, Lincoln, Multnomah, Wallowa, Washington and Yamhill;

Neighboring Oregon counties: Baker, Benton, Clackamas, Clatsop, Hood River, Lane, Marion, Polk, Tillamook, Umatilla and Union;

Neighboring Idaho counties: Adams, Idaho and Nez Perce;

Neighboring Washington counties: Asotin, Clark, Columbia, Cowlitz, Garfield, Skamania and Wahkiakum.

In keeping with Garfield, small nonfarm companies, small agricultural cooperatives, small companies engaged in aquaculture and most non-public nonprofit organizations of any dimension might apply for Financial Harm Catastrophe Loans of as much as $2 million to assist meet working capital wants attributable to the catastrophe.

“Financial Harm Catastrophe Loans could also be used to pay mounted money owed, payroll, accounts payable and different payments that can not be paid due to the catastrophe’s influence,” mentioned Garfield. “SBA eligibility covers each the financial impacts on companies depending on farmers and ranchers which have suffered agricultural manufacturing losses attributable to the catastrophe and companies immediately impacted by the catastrophe. Financial harm help is on the market no matter whether or not the applicant suffered any property injury.”

The rate of interest is 2.88 % for companies and a pair of % for personal nonprofit organizations with phrases as much as 30 years. Mortgage quantities and phrases are set by SBA and are primarily based on every applicant’s monetary situation.

By legislation, SBA makes Financial Harm Catastrophe Loans accessible when the U.S. Secretary of Agriculture designates an agricultural catastrophe. The Secretary declared this catastrophe on July 6, 2021.

Companies primarily engaged in farming or ranching are usually not eligible for SBA catastrophe help. Agricultural enterprises ought to contact the Farm Companies Company in regards to the U.S. Division of Agriculture help made accessible by the Secretary’s declaration. Nonetheless, nurseries are eligible for SBA catastrophe help in drought disasters.

Candidates might apply on-line, obtain further catastrophe help info and obtain purposes at https://disasterloanassistance.sba.gov/. Candidates may name SBA’s Buyer Service Middle at (800) 659-2955 or electronic mail disastercustomerservice@sba.gov for extra info on SBA catastrophe help. People who’re deaf or arduous of listening to might name (800) 877-8339. Accomplished purposes needs to be mailed to U.S. Small Enterprise Administration, Processing and Disbursement Middle, 14925 Kingsport Highway, Fort Value, TX 76155.


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