ATLANTA, Jan. 3 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration is reminding businesses that February 1 is the filing deadline for federal economic injury disaster loans that are available to small businesses located in all counties in the Commonwealth of Kentucky as a result of extremely cold temperatures April 5 - 10, 2007.
The Small Business Administration's disaster declaration was issued as a result of a similar action taken by the Secretary of Agriculture to help farmers recover from this disaster. Under this declaration, SBA's Economic Injury Disaster Loan program is available to farm-related and nonfarm-related, small business concerns and small agricultural cooperatives that suffered financial losses as a direct result of this disaster. Farmers and ranchers are not eligible to apply to the 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. The 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, the SBA cannot provide loans to agricultural producers.
