The U.S. Small Business Administration announced June 8 that small nonfarm businesses in 33 Missouri counties, along with neighboring counties in Illinois and Iowa, were eligible to apply for federal Economic Injury Disaster Loans. The release tied eligibility to reduced revenues caused by drought; it separately said the drought began May 30. The U.S. Secretary of Agriculture declared the disaster June 5, a distinct date from both the drought’s onset and the SBA announcement. [story-s1]
Eligible applicants could include small nonfarm businesses, small agricultural cooperatives, aquaculture businesses and most private nonprofits. The SBA said loans of up to $2 million could help meet financial obligations and operating expenses that otherwise could have been met. Eligibility depended on the disaster’s financial impact, not property damage, and applicants had to lack the financial ability to offset that impact without hardship. [story-s1]
The release listed interest rates of 4 percent for businesses and 2.375 percent for private nonprofit organizations, with repayment terms of up to 30 years. Businesses primarily engaged in farming or ranching were excluded from SBA disaster assistance and directed to the Farm Services Agency; nurseries remained eligible in drought disasters. The release set Feb. 5, 2024, as the economic-injury application deadline. [story-s1]
Source documents
- SBA Economic Injury Disaster Loans Available to Missouri Small Businesses | U.S. Small Business Administrationhttps://www.sba.gov/article/2023/06/08/sba-economic-injury-disaster-loans-available-missouri-small-businesses