Ashtabula County-based small businesses, nonprofits, and agricultural co-ooperatives will now have access to federal resources to offset losses as a result of freezing temperatures that occurred in March and April of this year. U.S. Sen. Sherrod Brown (D-OH) announced today that the U.S. Small Business Administration (SBA) is making federal economic injury disaster loans available for Ashtabula County businesses that faced an adverse economic impact as a result of the excessively cold temperatures. The news follows an announcement that Brown made on June 12th regarding the availability of USDA loans and emergency assistance for farmers in Ashtabula County.
"Ashtabula small business owners can now access resources needed to recover from this spring's freezing temperatures--which may have impacted their business through no fault of their own," Brown said. "These loans will help businesses rebuild and get back on their feet."
Under this declaration, the SBA's Economic Injury Disaster Loan program is available to eligible farm and nonfarm entities that suffered financial losses as a direct result of the weather. The loan amount can be up to $2 million with a three percent interest rate for non-profit organizations, four percent for small businesses, and terms up to 30 years, according to the SBA.
Disaster loan information and application forms may be obtained by calling the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to firstname.lastname@example.org. Loan applications can be downloaded from www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. Applicants may also apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela.