Has your small business been harmed due to the BP oil spill? Did you know that the U.S. Small Business Administration offers disaster loans to assist distressed businesses? Business Owners can apply for SBA disaster loans at the SBA website: https://disasterloan.sba.gov/ela/ Businesses may also apply by mail. The interest rates are three percent for non-profit organizations and four percent for for-profit businesses. Loan amounts and terms are based on each applicant's financial condition. The deadline to return economic injury applications is February 14, 2011.
The disaster loans exist because most people and small businesses cannot afford to pay for disaster repairs out-of-pocket. Anyone with damage to their home or business which is the result of a declared disaster can apply for disaster loan assistance. Businesses can apply for help due to damage to their real estate, business contents and economic losses.
The SBA says it is working to go above and beyond the call of duty to help out affected businesses: "Due to the amount of economic losses caused by the BP Oil Spill, we want to make it convenient for affected businesses to have a resource where they can meet individually with SBA representatives and find out how a low-interest disaster loan can help them recover."
For the location of the Business Recovery Centers or to obtain applications and program information, business owners can call SBA's Customer Service Center at 800-659-2955 (800-877-8339 for people with speech or hearing disabilities) Monday through Friday from 8 a.m. to 6 p.m. and Saturday from 9 a.m. to 5:30 p.m. EDT or by sending an e-mail to email@example.com.
- Disaster Assistance (SBA)
- Fact Sheet About U.S. SBA Disaster Loans (SBA)
- Apply for a Disaster Loan Online (SBA)
- What Is Business Interruption Insurance And What Does It Cover? (provided by Doyle Raizner LLP)