SBA Economic Injury Disaster Loans are Available to Small Businesses in Grayson and Fannin Counties

February 17, 2015 | Denison, Texas

Director Tanya Garfield of SBA's Disaster Field Operations Center West recently

 announced that small non-farm businesses who have suffered reduced revenues as a result of the drought which began in November 2014 can now apply for low-interest federal disaster loans. These loans offset economic losses caused by the drought.

"SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster," Garfield said.

"Eligibility for these loans is based on the financial impact of the disaster only and not on any actual property damage.  These loans have an interest rate of 4 percent for businesses and 2.625 percent for private nonprofit organizations and a maximum terms of 30 years, " according to Garfield.

By law, SBA makes EIDLs available when the U. S. Secretary of Agriculture designates an agricultural disaster. Secretary Tom Vilsack declared this disaster on February 4, 2015.

For additional information about the application process and how to determine if your business may be eligible, contact the Grayson SBDC office at 903-463-8787 or e-mail stidhamk@grayson.edu.