Federal disaster loans available for those affected by April freeze

Small businesses hurt by the April freeze may be eligible for lowinterest federal disaster loans.

The U.S. Small Business Administration (SBA) said that loans are available to small Georgia businesses as a result of damages and losses to crops caused by record setting cold temperatures and freezing conditions that occurred April 6-9, 2007.

Under this declaration, SBA's Economic Injury Disaster Loan (EIDL) program is available to farm-related and nonfarm-related small business concerns and small agricultural cooperatives that suffered economic injury as a direct result of this disaster. Farmers and ranchers are not eligible to apply to SBA.

Eligible small businesses may qualify for loans up to $1.5 million. These loans are available at a 4 percent interest rate with loan terms up to 30 years. SBA determines eligibility for the program based on the size and type of business and its financial resources. Loan amounts and terms are set by SBA and are based upon each applicant's financial condition. Under this disaster declaration, SBA cannot provide loans to agricultural producers.

Interested business owners should contact SBA's Customer Service Center by calling 800-659-2955 (800-877-8339 for the hearingimpaired), Monday through Friday from 8 a.m. to 9 p.m.; Saturday and Sunday from 9 a.m. to 3 p.m. EDT.

Business loan applications can also be downloaded from the SBA's website at www.sba.gov/services/ disasterassistance. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center - 14925 Kingsport Road, Fort Worth, TX 76155.

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