Rogers: SBA Economic Injury Assistance Deadline Approaching

Statement

U.S. Representative Harold "Hal" Rogers (KY-05) reminds small businesses, small agricultural cooperatives and private non-profit organizations of the approaching March 1, 2011 deadline to request economic injury disaster loan assistance from the U.S. Small Business Administration (SBA). Those businesses in the sixteen Southern and Eastern Kentucky Counties that were impacted by the severe storms and flooding that began on April 30, 2010 are urged to submit their applications with the SBA.

"This program is designed to help the farm and nonfarm-related businesses recover and rebuild from the financial losses they suffered during the disaster last Spring," said Rogers. "The effects from the devastating storms are still lingering today, but federal financial assistance is available and I urge all eligible businesses to apply. Our people have proven to be resilient in every storm, but this is a reminder that help is just a phone call away during the continued restoration process."

Under the declaration, the loans can be up to $2 million, with terms up to 30 years. Interest rates are 4 percent for businesses and 3 percent for non-profit organizations. Agricultural producers, farmers and ranchers are not eligible to apply to SBA.

The disaster loans are available in the following counties in Kentucky's Fifth Congressional District: Bath, Breathitt, Jackson, Knott, Laurel, Lee, Magoffin, Menifee, Morgan, Owsley, Perry, Pulaski, Rockcastle, Rowan, Wayne and Wolfe.

Source