EDWARDS: District 17 Counties Eligible for U.S. Small Business Administration Disaster Assistance Due to Drought, Wildfires
02/02/06
(WASHINGTON) - U.S. Representative Chet Edwards announced today that the U.S. Small Business Administration (SBA) will make available low interest disaster loans for small, non-farm businesses in Bosque, Hill, Limestone, McLennan, and Robertson counties in district 17. Edwards requested in January that these loans be made available after the declaration of Texas as a natural disaster area due to damage caused by wildfires and drought.
"The severe drought conditions and rapidly spreading wildfires have harmed businesses in our state. Federal resources like the Small Business Administration are vital in helping our communities begin the recovery process during this time," said Edwards.
Small businesses may qualify for Economic Injury Disaster Loans (EIDLs) of up to $1.5 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
"Eligibility for these loans is based on financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4%, a maximum term of 30 years, and are restricted to small businesses without the financial ability to offset the adverse impact without hardship," said Alfred E. Judd, Director of SBA's Field Operations Center-West.
Small business owners in Bosque and Hill counties suffering from drought conditions since March 1, 2005 and those in Limestone, McLennan, and Robertson counties suffering from the conditions from February 1, 2005 through October 21, 2005 are eligible for EIDLs. Small business owners in Brazos, Grimes, Hood, Johnson, Madison, and Somervell counties suffering since April 1, 2005 may apply for EIDLs. The deadline to apply is August 21, 2006.
For more information and application forms call 1-800-659-2955 or 1-800-877-8339 for the hearing impaired. Information is also available at SBA's website at www.sba.gov/disaster.
Residents with businesses primarily engaged in farming or ranching are ineligible for SBA disaster assistance but may apply for low interest loans from the United States Department of Agriculture (USDA) through their local Farm Services Agency (FSA). These loans were also made available at the request of Rep. Edwards and Governor Rick Perry.
"When a community is hit hard by natural disaster, the federal and state government should work together in lending a helping hand to those who need it and President Bush, Governor Perry, and all federal and local agencies involved deserve our thanks for acting quickly to respond to the needs of Texans," said Edwards.
http://edwards.house.gov/html/release.cfm?id=770