(Sacramento, CA) – Associate Administrator Francisco Sánchez of the U.S. Small Business Administration’s Office of Disaster Recovery & Resilience today reminded Missouri small nonfarm businesses of the deadline dates to apply for an SBA federal disaster loan for economic injury. These low-interest loans are to offset economic losses because of reduced revenues caused by drought in the following primary counties:
| Declaration
Number |
Primary
Counties |
Neighboring
Counties |
Incident Type | Incident Date | Deadline |
| 17922 | Barton and Vernon | Bates, Cedar, Dade, Jasper, and Saint Clair in Missouri; Bourbon, Crawford, and Linn in Kansas. | Drought | 5/2/2023 & continuing | 1/8/2024 |
| 17928 | Benton, Boone, Cole, Cooper, Howard, Moniteau and Morgan | Audrain, Callaway, Camden, Chariton, Henry, Hickory, Miller, Osage, Pettis, Randolph, Saint Clair, and Saline | Drought | 5/9/2023 & continuing | 1/16/2024 |
According to Sánchez, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disasters. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disasters’ impact,” said Sánchez.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disasters and businesses directly impacted by the disasters. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Sánchez added.
The interest rate is as low as 4 percent for businesses and 2.375 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
By law, SBA makes economic injury available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared declaration 17922 on May 8 and declaration 17928 on May 15.
Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration. However, in drought disasters nurseries are eligible for SBA disaster assistance.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at 800.659.2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Reference:
Mark W. Randle
U.S. Small Business Administration
916.735.1500
Mark.Randle@sba.gov
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