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Applications are being accepted by the Small Business Administration (SBA) ] for disaster assistance loans for small businesses and nonprofit organizations to meet the needs of working capital to assist with recovery from the 2022 winter storm.

“Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period,” says the declaration fact sheet provided by the SBA.

The loans are intended to help with recovery from the disaster that occurred between January 1-4.

Economic injury disaster loans are typically calculated based on the loss experienced, calculated over six months, based on tax returns and other documentation.

Applications must have a credit history acceptable to the SBA and collateral for loans over $25,000, however lack of collateral is not a cause for declining a loan. The maximum interest rate for the loan is four percent with a term of 30 years.

The loan application and additional information can be found at https://disasterloanassistance.sba.gov/ela/s/. Potential applications may also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

Michael Paschall is the publisher of the Delta Wind and covers general news topics. He can be reached at news@deltawindonline.com.