Tue. Nov 28th, 2023
Parts of the lake area face a deadline to apply for federal disaster loans to help offset economic losses because of reduced revenue caused by drought this past summer.
The U.S. Small Business Administration identifies non-farm businesses in Camden and Benton counties as eligible to apply under the disaster declaration as a result of the drought which officially started back in late July.
The Economic Injury Disaster Loans cover up to $2-million with low-interest payback over 30 years to help meet capital needs.
The deadline to apply is April 3rd.
Businesses in Miller and Morgan counties are not eligible for the loans under the same disaster declaration which covers Camden and Benton counties.
Deadlines Approaching in Missouri for SBA Working Capital Loans Due to Drought
SACRAMENTO, Calif. – Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West today reminded Missouri small nonfarm businesses of the deadline dates to apply for an SBA federal disaster loan for economic injury. These low-interest loans are to offset economic losses because of reduced revenues caused by drought in the following primary counties.
Declaration Number: 17551
Primary Counties: Carter, Howell, Oregon, Ozark, Ripley and Shannon
Neighboring Counties: Butler, Dent, Douglas, Reynolds, Taney, Texas and Wayne in Missouri; Baxter, Clay, Fulton, Marion, Randolph and Sharp in Arkansas.
Incident Type: Drought
Incident Date: Beginning July 19, 2022
Declaration Number: 17557
Primary Counties: Barry, Barton, Butler, Cedar, Christian, Dade, Dallas, Douglas, Greene, Hickory, Jasper, Laclede,Lawrence, McDonald, Newton, Polk, Saint Clair, Stone, Taney, Vernon, Webster and Wright
Neighboring Counties: Bates, Benton, Camden, Carter, Dunklin, Henry, Howell, Ozark, Pulaski, Ripley, Stoddard, Texas and Wayne in Missouri; Benton, Boone, Carroll, Clay and Marion in Arkansas; Bourbon, Cherokee, Crawford and Linn in Kansas;Delaware and Ottawa in Oklahoma.
Incident Type: Drought
Incident Date: Beginning July 26, 2022
According to Garfield, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disasters. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disasters’ impact,” said Garfield.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disasters and businesses directly impacted by the disasters. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Garfield added.
The interest rate is as low as 2.935 percent for businesses and 1.875 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared declaration 17551 on July 25, 2022; and declaration 17557 on Aug. 1, 2022.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration. However, in drought disasters nurseries are eligible for SBA disaster assistance.
Applicants may apply online, receive additional disaster assistance information and download applications at https://
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit http://www.sba.gov.