Deadline approaching for oil spill recovery loans from SBA

by Wally Northway

Published: February 1,2011

Tags: disaster, disaster recovery, energy, environment, loans, offshore drilling, oil and gas, oil spill, small businesses

SOUTH MISSISSIPPI — The U.S. Small Business Administration is reminding small businesses in Mississippi affected by the Deepwater BP Oil Spill that only two weeks remain to apply for working capital loans.

“Businesses that suffered economic losses as a result of the oil spill and want to apply for low-interest loans from the SBA are urged to do so before the Feb. 14 deadline,” said Frank Skaggs, director of SBA Field Operations Center East.

Economic Injury Disaster Loans (EIDLs) up to $2 million are available at 4 percent for small businesses and 3 percent for private non-profit organizations of all sizes, with terms up to 30 years. These EIDLs are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. To be considered for this assistance, disaster victims need to apply by the deadline.

The loans are available to small businesses and most private non-profit organizations in the following counties: Forrest, George, Greene, Hancock, Harrison, Jackson, Lamar, Marion, Pearl River, Perry and Stone.

For more information on the SBA’s Disaster Loan Program, to obtain application forms or to apply online visit www.sba.gov, send an email to disastercustomerservice@sba.gov or call the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing-impaired.

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