Brown Alerts Eligible Businesses To Approaching Deadline For Loans From U.S. Small Business Administration
March 1st Deadline for U.S. SBA Loans for Small Businesses in Fulton, Lucas, and Williams Counties
WASHINGTON, D.C. – U.S. Senator Sherrod Brown (D-OH) is alerting small businesses and non-profit organizations in northwest Ohio of loans available through the U.S. Small Business Administration (SBA). Because of severe weather in Fulton, Lucas, and Williams counties, SBA is offering working capital loans to help affected businesses recover from any weather related damages. The filing deadline to receive a capital loan is March 1st.
“Small businesses are the life-blood of our economy,” Brown said. “Ohio businesses damaged by extreme weather, whose businesses suffer through no fault of their own, should be helped along on the road to recovery.”
Loans may be granted for amounts up to $2 million with a four percent interest rate for eligible businesses and three percent for non-profit organizations with terms up to 30 years. According to the SBA, eligibility is “based on the size of the applicant, type of activity and its financial resources. 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.
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