On November 13, 2023, the Small Business Administration announced Economic Injury Disaster Loans for small businesses, agricultural cooperatives, aquaculture businesses and most private nonprofits with economic losses linked to a hurricane on August 30. The declaration covered named counties in Georgia and contiguous counties in Georgia and Florida; it was not a statewide offer without geographic limits. [story-s1]
The loans were intended as working capital for eligible farm-related and nonfarm-related entities. SBA said funds could pay fixed debts, payroll, accounts payable and other bills that would have been paid absent the disaster, but not replace lost sales or profits. Agricultural producers, farmers and ranchers were excluded, except aquaculture enterprises. [story-s1]
The release described a maximum of $2 million, rates of 4% for small businesses and 2.375% for private nonprofits, and terms up to 30 years. Interest and payments were deferred for 12 months after the first disbursement, while actual loan amounts and terms depended on each applicant’s financial condition. Applicants were told to use declaration number 20086; the stated deadline was July 3, 2024. These were program terms, not a guarantee of eligibility or funding. [story-s1]
Source documents
- SBA Working Capital Loans Available in Georgia for Secretary of Agriculture Disaster Declarationhttps://www.sba.gov/article/2023/11/13/sba-working-capital-loans-available-georgia-secretary-agriculture-disaster-declaration