Congressman Henry Cuellar Announces Disaster Assistance For Small Businesses

CONGRESSMAN HENRY CUELLAR ANNOUNCES DISASTER ASSISTANCE FOR SMALL BUSINESSES
In Atascosa, Frio, LaSalle, and Webb Counties

Washington, DC- Congressman Henry Cuellar announced today that small, non-farm businesses in Atascosa, Frio, LaSalle and Webb counties may now apply for low interest disaster loans from the U.S. Small Business Administration (SBA). These SBA loans are designed to offset business losses because of reduced revenues from farmers and ranchers experiencing the current drought.

"As South Texas continues to endure severe drought conditions, more and more rural small businesses are suffering profit loss. The SBA has taken action to assist these small businesses in managing these tough economic conditions and I encourage small business owners to seek out this critical assistance," stated Congressman Cuellar.

Small businesses may qualify for economic injury disaster loans 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 the financial impact of the disaster and not on any actual property damage. These loans carry an interest rate of 4.0 percent, a maximum term of 30 years, and are restricted to small businesses without the financial ability to offset the adverse impacts of the weather disaster without hardship.

Businesses primarily engaged in farming and ranching are ineligible for SBA disaster assistance. Agricultural enterprises should contact their local Farm Service Agency about disaster related assistance available through the U.S. Department of Agriculture.

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http://www.house.gov/list/press/tx28_cuellar/060823.html