Small businesses have until June 13, 2014, to apply for SBA Economic Injury Disaster Loans (EIDL), according to the U. S. Small Business Administration’s (SBA) Arizona District Office. The low-interest federal disaster loans are available to small businesses for working capital needs as a result of the Yarnell Hill Fire that occurred June 28 – July 10, 2013.
Small businesses in Yavapai County and the neighboring Arizona counties of Coconino, Gila, La Paz, Maricopa and Mohave are eligible to apply for these working capital loans.
“Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, nonprofit organizations of any size may qualify for Economic Injury Disaster Loans (EIDLs) of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said Blaney.
“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Blaney added.
Eligibility is based on the financial impact of the disaster only and not on any actual property damage. These loans have an interest rate of 4 percent for small businesses and 2.875 percent for private, nonprofit organizations with terms up to 30 years, and are restricted to small businesses without the financial ability to offset the adverse impact without hardship.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.
For owners of these impacted small businesses, disaster loan information and application forms are also available from SBA’s Customer Service Center by calling toll-free at (800) 659-2955 or e-mailing email@example.com. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. For more information about SBA’s disaster assistance programs, visit http://www.sba.gov/disaster.